Discussion on Virtual Assets and More at the 20th Anniversary Conference of the Financial Intelligence Unit Establishment

Director Kim Jeonggak "Seeking Institutional Improvements to Align Domestic Travel Rule System with Global Standards"

[Asia Economy Reporter Park Sun-mi] Discussions on key issues of anti-money laundering (AML) systems, including virtual assets, were held at the 20th anniversary international conference of the Financial Intelligence Unit (FIU). The FIU plans to seek institutional improvements to ensure that the domestic Travel Rule system aligns with global standards, in accordance with the revised Financial Action Task Force (FATF) guidelines related to virtual assets and virtual asset service providers.

On the morning of the 23rd, the FIU held the 20th anniversary international conference at the Lotte Hotel in Sogong-dong, Seoul. The conference was held to discuss major issues in AML systems including virtual assets and to strengthen international cooperation on AML.

In his keynote speech, FIU President Kim Jeong-gak stated that digital transformation is accelerating due to the rise of the millennial generation and the spread of COVID-19. He mentioned that, keeping pace with the speed of digital transformation in the private sector, new technologies such as Suptech should be actively introduced in the fields of AML and counter-terrorist financing, and that a system suitable for decentralized virtual asset transactions should be established.

President Kim emphasized, "In accordance with the revised FATF guidelines related to virtual assets and virtual asset service providers, we will seek institutional improvements to ensure that the domestic Travel Rule system meets global standards," adding, "As digitalization and other new technologies are integrated into the financial sector and new financial services emerge, mutual understanding and cooperation among international organizations, supervisory authorities, and financial companies are essential to build ‘new trust’."

Marcus Pleyer, FATF Chair, who attended the event, also stated in his keynote speech, "The emergence of new technologies such as virtual assets and digital transformation can be an opportunity to raise the level of AML systems," and "In particular, Korea is effectively implementing AML through a future-oriented approach in international cooperation with FATF regarding virtual asset regulations."

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