FIU to Conduct Full Investigation of All Financial Companies for 'Cryptocurrency Disguised Accounts and Third-Party Name Collection Accounts'
Meeting of the Inspection Consignment Agency Council on Current Issues Including Cryptocurrency Operators
[Asia Economy Reporter Kwangho Lee] Financial authorities will conduct a full-scale investigation on disguised accounts of virtual currency operators and collection accounts under others' names across all financial companies.
On the 9th, the Financial Intelligence Unit (FIU) held the '2021 1st Inspection Agency Council' with 11 inspection agencies including the Financial Supervisory Service to review measures to strengthen anti-money laundering supervision and inspection, such as enhanced monitoring of disguised accounts and accounts under others' names used by virtual currency operators.
After making the registration of virtual currency operators mandatory, FIU judged that there is a tendency to conceal activities by using accounts under others' names at commercial banks and disguised affiliated company accounts, and decided to strengthen monitoring.
In particular, virtual currency operator disguised accounts or accounts under others' names that operate differently from their stated transaction purposes will be refused financial transactions and terminated.
Additionally, a full-scale investigation on disguised accounts of virtual currency operators and collection accounts under others' names will be conducted across all financial companies.
Investigations will be conducted monthly from this month through September, and thereafter on a monthly basis, with the aggregated information shared with entrusted agencies, related organizations, and financial companies.
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An FIU official stated, "Recently, money laundering crimes such as fraudulent loans linked to internal employees of financial companies, embezzlement of investment funds, and illegal operation of entrusted assets have increased, and we plan to strengthen supervision and inspection accordingly," adding, "We will take measures to prevent money laundering and illegal financial transactions in loan, investment, and asset custody operations at financial companies."
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