Korbit Conducts Anti-Money Laundering Training for Employees

by Lee Jungyun

Published 15 Apr.2022 11:40(KST)

[Photo by Kobit]

[Asia Economy Reporter Lee Jung-yoon] Domestic cryptocurrency exchange Korbit announced on the 15th that it conducted practical training to enhance the expertise of its employees in anti-money laundering (AML) operations.

The training covered ▲global anti-money laundering and counter-terrorism financing (CFT) standards ▲the importance of internal controls for AML ▲trends in AML and CFT ▲risk assessment by the Financial Action Task Force (FATF) ▲AML operational regulations, among other topics.

In particular, separate training sessions were held for the board of directors and management, as well as for the dedicated departments. The training for the board, management, and dedicated departments was led by Ko Cheol-soo, a specialist at K&C. Ko currently serves as a specialist at Kim & Chang law firm and previously worked at the Financial Intelligence Unit (FIU) and FATF from 2015 to 2020.

The training for all employees was conducted by Song Geun-seop, the Korean representative of the Association of Certified Anti-Money Laundering Specialists (ACAMS). Song is regarded as one of the top financial compliance experts in Korea. Based on the training plan established at the beginning of the year, Korbit plans to continue strengthening AML capabilities in the second half of the year through collaborations with various institutions such as the Korea Financial Investment Association, the Korea Insurance Development Institute, and Chainalysis.

CEO Oh Se-jin of Korbit stated, "We are making every effort to secure personnel related to AML to effectively implement anti-money laundering measures," adding, "We will continue to improve employees’ understanding of their work and enhance the expertise of dedicated departments through the recruitment of specialists and ongoing company-wide training."

Meanwhile, as of this date, Korbit has 12 employees holding the internationally certified Anti-Money Laundering Specialist (CAMS) qualification and 4 employees holding the internationally certified Global Sanctions Specialist (CGSS) qualification, with 4 of them holding both certifications simultaneously. Korbit is the only company in the industry to have professionals with the internationally certified Global Sanctions Specialist qualification, enabling it to implement high-level AML policies.