According to local media reports, two South Korean regulators to inspect the national banks on implementing their procedures to combat money laundering for cryptocurrency exchanges. According to the report
Yonhap, a financial intelligence Unit and the financial services Commission (FSC) will begin inspections from next month banks serving corporate accounts cryptocurrency exchanges.
The inquiry is being conducted after the recent amendments in legislation introduced by financial regulators of South Korea. They allow the cryptocurrency exchanges of the country to continue the work only after the implementation of the verification system of the individual, integrated with local banks.
FSC announced in January that the end of the month the banks will no longer be allowed to serve an anonymous virtual account investors trading on cryptocurrency exchanges. This effort is aimed at preventing the use of anonymous cryptocurrency transactions in activities of money laundering. On the basis of new rules financial institutions of South Korea have started to introduce
the verification system for large exchanges, still not paying attention to the small platform.