As the South Korean government steps up its anti-money laundering (AML) oversight, major crypto exchanges in the country are voluntarily complying while banks are reportedly failing to meet the guidelines for compliance. South Korea has also been discussing ways to boost crypto-related AML measures with the U.S.
Government Concerned About Bank’s AML Compliance
South Korea’s AML directives currently do not apply to cryptocurrency exchanges directly. The government has made banks responsible for monitoring and reporting any crypto-related money laundering activities.