South Korean Birzhi strive to prevent money laundering

Until a new law comes into force requiring all South Korean crypto exchanges to strictly adhere to anti-money laundering policiesmoney (AML), left a few months, therefore, now on the platform there is an accelerated operation, allowing to avoid violation of the law.

So, what changes will make the South Korean criteria ahead of legal innovations in the next year? And how can they be reflected on clients?

Blockchain business consultant and former bank executive Lee Jong Chol gave some light on the situation:

“Looks like the largest cryptocurrency playersare very interested in the development of solutions of the "convergent" type, which will allow customers to quickly adapt to the AML and Know-Your-Customer flows. Some of them want to use digital documentation on the basis of a blockchain or solution for a decentralized identification (DID) or optimize and optimize algorithms They don't want the registration of the account to be too difficult and will fight to prevent it from being allowed. "

Lee stated that user-friendliness is a priority for all major stock exchanges.

“AML solutions promise to be flawless. Clients for the most part will not even notice that they exist, if they only do not complete transactions that will cause suspicions, "he added.

According to D Dail, some traders have begun to prepare solutions to combat money laundering even in February, until, as the law was announced, the proposal was canceled.

B Upbit announced that they are working with an Americancompany Chainalsis and strengthen their AML system. In the meantime, Rival Bithumb collaborates with the OctaSolutions company, which will provide solutions for checking customers in the framework of a new system for reporting on the optimal performance.

In addition, both companies will use the solutionsProvided by the company GTOne, which uses the technology of corporate control, which provides services for combating money laundering for cartridges

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