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Korean regulators to inspect three banks over virtual currency services

2018.04.09 14:53:58 | 2018.04.09 14:55:44
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The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) said on Monday they will check if three retail banks in transactions with virtual currency exchanges are complying with anti-money laundering and real-name transaction rules.

Regulators will conduct on-site inspections on NH Bank, Kookmin Bank and Hana Bank from April 19 to 25.

The FSC said the inspections are intended to check whether the banks are obeying the anti-money laundering guidelines that went effective on Jan. 30.

NH Bank opens accounts for virtual currencies for retailers on real-name basis. Kookmin and Hana have business ties with cryptocurrency exchanges.

Regulators speculate Kookmin and Hana have opened virtual accounts for corporate customers that allow them to create hundreds of thousands of bank accounts for individuals.

Regulators also plan to conduct follow-up inspections at other financial institutions to check their compliance with the anti-money laundering guideline.

By Kim Dong-eun and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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