Korbit Expands to 6 Anti-Money Laundering Experts... Largest Number Among Domestic Exchanges

by Kong Byeongseon

Published 02 Aug.2021 11:09(KST)

Support for Examination Fees of Anti-Money Laundering Related Certifications

Korbit Expands to 6 Anti-Money Laundering Experts... Largest Number Among Domestic Exchanges

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Korbit announced on the 2nd that the number of employees holding Anti-Money Laundering (AML) expert certifications has increased to six. With this, Korbit now has the largest number of AML experts among domestic cryptocurrency exchanges.

Korbit has six holders of the Certified Anti-Money Laundering Specialist (CAMS) certification, and among them, one also holds the Certified Global Sanctions Specialist (CGSS) certification. As a result, AML personnel at Korbit account for about 15% of the total employees, with 40% of the department members holding AML expert certifications.

CAMS and CGSS are certifications issued by the Association of Certified Anti-Money Laundering Specialists (ACAMS) in the United States. CAMS is known as the most reputable AML expert license worldwide. CGSS helps reduce sanction risks in international financial operations by understanding sanctions imposed by the United Nations (UN), the European Union (EU), and the United States.

A Korbit official explained, “Among domestic exchanges, Korbit has the highest number of CAMS passers and is the only one with CGSS passers, exceeding some regional banks. Led by Kim Hoe-seok, Korbit’s Chief Financial Officer (CFO), from top management to compliance and legal department staff, employees have obtained these certifications to enhance expertise in AML operations.”

Korbit also supports the CAMS exam fees to strengthen the professionalism of its AML personnel. The CAMS exam fee is approximately 2 million KRW, and the annual maintenance cost for education and other requirements is about 200,000 KRW.

CEO Oh Se-jin of Korbit stated, “Since the core of the amended Act on Reporting and Using Specified Financial Transaction Information, which will be enforced from September, is AML, we are striving to enhance the expertise of everyone from management to practitioners. We will make every effort to ensure that all AML personnel obtain related certifications in the future.”