South Korea’s AML overhaul introduces stricter reporting, bans offenders from owning VASPs and implements preemptive freezes to prevent illicit crypto flows.
South Korea is preparing one of its toughest Anti-Money Laundering (AML) crackdowns as it plans to expand its crypto Travel Rule to cover transactions under 1 million won ($680).
According to a Yonhap News report, the chairman of the country’s Financial Services Commission (FSC), Lee Eok-won, revealed the plans to the National Assembly’s Legislation and Judiciary Committee on Wednesday, saying that the government will crack down on money laundering activities that exploit crypto transactions.
“We will crack down on crypto money laundering […] expanding the Travel Rule to transactions under 1 million won,” he said, according to a translated version of his comments.
