Korbit Conducts Anti-Money Laundering Training for All Employees

O Sejin, CEO of Korbit, "Enhancing Operational Transparency"

DAXA is conducting anti-money laundering (AML) measures to prevent illegal financial activities. Photo by Kobit

Korbit, the first virtual asset exchange in Korea, announced on the 21st that it conducted anti-money laundering (AML) training for all its employees.

During the training held at the Korbit Lounge, Professor Hwang Seok-jin from Dongguk University Graduate School of International Information Security, a newly appointed financial crime and AML expert last year and an advisory member of the Compliance Monitoring Subcommittee of DAXA (Digital Asset Exchange Joint Council), explained to Korbit employees about ▲ the Virtual Asset User Protection Act ▲ AML for virtual asset service providers ▲ types of virtual asset crimes and major damage cases. In particular, Professor Hwang provided a detailed explanation of the key contents of the enforcement decree and supervisory regulations, as the Virtual Asset User Protection Act, scheduled to be implemented in July, includes provisions on user asset protection, prohibition of unfair trading practices, and supervisory and sanctioning authority of financial authorities.

Korbit placed significant emphasis on the Virtual Asset User Protection Act during this AML training. While the AML system mainly operates through a dedicated AML department, the User Protection Act involves multiple related departments, including accounting and finance departments handling customer deposits and blockchain teams responsible for virtual asset custody.

One of the main provisions of the User Protection Act is the prevention of unfair trading. Korbit maintains a non-consultation principle during the trading support review stage to enhance procedural transparency. After the commencement of trading support, Korbit re-evaluates the risk of all virtual assets under trading support on a quarterly basis. Along with the enforcement of the Virtual Asset User Protection Act, Korbit plans to further strengthen its internal controls to protect customers.

Sejin Oh, CEO of Korbit, stated, “Ahead of the implementation of the Virtual Asset User Protection Act, the detailed explanation by Professor Hwang Seok-jin, who is currently serving as an advisory member of DAXA, was very helpful for related tasks.” He added, “AML work requires not only the dedicated department but also all employees to understand the relevant work processes for more effective AML. Korbit will continue to enhance the transparency of exchange operations through ongoing training.”

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