Coinone AML Center Established... Strengthening Compliance System for Suspicious Transaction Reporting

Planning to Verify Customer Identification Personnel with NH Nonghyup Bank Partnered for Real-Name Account Collaboration

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Coinone has established an Anti-Money Laundering (AML) Center to monitor Suspicious Transaction Reports (STR) related to money laundering.

On the 12th, Coinone announced that it had set up the AML Center on the 3rd floor of its headquarters in Yongsan-gu, Seoul. Coinone explained that the AML Center was established to proactively respond to domestic and international cryptocurrency regulations and to create a transparent trading environment.

STR refers to legal and institutional measures to detect and prevent illegal money laundering. Accordingly, financial companies including banks and securities firms are obligated to monitor financial transactions suspected of money laundering and report them to the Financial Intelligence Unit (FIU) when detected. Since last month Coinone has submitted a report to the financial authorities as a virtual asset service provider, it must fulfill related obligations.

The Coinone AML Center plans to verify personnel involved in the Know Your Customer (KYC) system together with NH Nonghyup Bank, which has a real-name account partnership focusing on STR. Additionally, it will establish a system for responding to related incidents and disputes, as well as external cooperation.

Coinone has completed basic AML training, understanding education, and testing on STR monitoring tasks for AML Center employees. The center’s scale will also be expanded through additional recruitment.

Cha Myung-hoon, CEO of Coinone, said, “Through the STR response of the Coinone AML Center, we will develop the exchange’s anti-money laundering level to be on par with the financial sector,” adding, “Based on this, we will establish ourselves as a cryptocurrency exchange where customers can trade with confidence.”

This content was produced with the assistance of AI translation services.