Korbit Hosts 2023 Seminar on Anti-Money Laundering Trends Analysis

Publication Also Released... Shared with Shinhan Bank

O Se-jin, CEO of Korbit (far back row, left), along with the staff in charge of the Anti-Money Laundering (AML) department, are conducting the "2023 Anti-Money Laundering Trend Analysis Seminar." Photo by Korbit

Domestic virtual asset exchange Korbit announced on the 18th that it held a 2023 Anti-Money Laundering (AML) Trend Analysis Seminar.

The seminar was attended by CEO Oh Se-jin, Compliance Officer Jin Chang-hwan, and staff from the dedicated AML department. Participants covered ▲ the 2022 Money Laundering Trend Review published by the Financial Intelligence Unit (FIU) ▲ the 2023 Korbit AML trend analysis and introduction of best practices ▲ sharing the current status of Korbit’s Suspicious Transaction Report (STR) rule operations.

According to the FIU’s 2022 Money Laundering Trends report published last year, the predicate crimes underlying suspicious transaction reports provided to law enforcement agencies by the FIU in 2022 were tax evasion (31.7%), fraud, embezzlement, and breach of trust (24.6%), others (19.0%), property flight abroad (12.6%), gambling activities (8.2%), and customs evasion (3.9%), in that order.

Korbit’s reported predicate crime status to the FIU was similar. Korbit analyzed that the direction of suspicious transaction reporting by financial companies reporting to the FIU and Korbit’s own direction were largely aligned. However, for some predicate crimes such as gambling activities, Korbit’s reporting rate was lower compared to the FIU’s aggregated predicate crime status. Korbit plans to conduct transaction pattern analysis and research on predicate crimes including gambling activities going forward.

The seminar was centered on a publication issued by Korbit’s dedicated AML department. The publication included ▲ basic STR status ▲ characteristics of major predicate crimes ▲ Korbit STR direction for 2024 ▲ actual STR cases, containing about two years of STR know-how since 2021.

Korbit met with the digital asset team of Shinhan Bank’s AML department and suspicious transaction reporting practitioners to share Korbit’s 2023 AML trends based on the publication contents. Cooperation plans with the bank for this year were also discussed.

Oh Se-jin, CEO of Korbit, stated, “As attempts to launder money are increasing by exploiting the cross-border nature of virtual assets, the capability of virtual asset exchanges in suspicious transaction reporting has become very important. Korbit will continue to collaborate with Shinhan Bank to become a sound and transparent virtual asset exchange that customers can trust.”

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