NH Nonghyup Bank Holds 'Revised Special Financial Transactions Act Response Conference' with Taepyeongyang and Hexlant

On the 1st, at the law firm Taepyungyang located at Jonggak Station in Seoul, Shin Jeyoon, Advisor at Taepyungyang (former FATF Chair, former Financial Services Commission Chairman), is presenting on the development direction of the Financial Action Task Force (FATF) and Anti-Money Laundering (AML) at the "Amended Special Financial Transactions Act Response Conference."

[Asia Economy Reporter Kangwook Cho] NH Nonghyup Bank announced on the 2nd that it held an online and offline conference in collaboration with the law firm Bae, Kim & Lee and blockchain technology research institute Hexlant to respond to the revised "Act on Reporting and Using Specified Financial Transaction Information (hereinafter referred to as the Special Financial Transactions Act)."

The conference, held the previous day at Bae, Kim & Lee located near Jonggak Station in Seoul, was themed "Key Issues and Response Measures Following the Institutionalization of Virtual Assets." Experts from the finance, legal, and virtual asset industries participated, engaging in diverse discussions and debates. It received positive evaluations as it served as a platform to discuss the practical issues of the revised Special Financial Transactions Act and share industry opinions.

The presentations included ▲The Development Direction of the Financial Action Task Force (FATF) and Anti-Money Laundering (AML) (Shinje-yoon, Advisor at Bae, Kim & Lee, former Financial Services Commission Chairman) ▲Diagnosis of Key Issues in the Revised Special Financial Transactions Act (Juho Yoon, Attorney at Bae, Kim & Lee) ▲Bank’s Digital Asset Custody Service (Changbo Ryu, Team Leader at Nonghyup Bank) ▲Outlook on Digital Asset Custody (Jinwoo Noh, CEO of Hexlant) ▲Information Security Management System (ISMS) Certification Standards and Procedures for Reporting to the Financial Intelligence Unit (FIU) (Sangmu Lee, Team Leader at KISA, and Seoncheol Hwang, Advisor at Bae, Kim & Lee).

Additionally, Haebung Lee, Advisor at the Financial Supervisory Service, presented on "The Virtual Asset Business Operator Reporting System as Regulation and Future Tasks" and held a Q&A session. Under the moderation of attorney Jongbaek Park from Bae, Kim & Lee, a discussion forum was held between finance and legal industry panelists and virtual asset business operator panelists on "Key Issues and Desirable Operation Methods of the Virtual Asset Business Operator Reporting System."

A Nonghyup Bank official stated, "Through presentations and discussions by experts from the finance and legal industries, it was a meaningful time to identify the practical key issues of the revised Special Financial Transactions Act and share opinions across the industry."

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