Korbit Conducts Anti-Money Laundering Training for All Employees

Domestic virtual asset exchange Korbit announced on the 27th that it has completed anti-money laundering (AML) training for all executives and employees, including the CEO.

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Anti-money laundering refers to fulfilling the duty of care by establishing organizational structures, work systems, procedures, and systems to prevent customers' funds from being used for money laundering activities in financial companies and others. Korbit prepared this training to enhance employees' job performance by sharing specific types of money laundering and global standard AML systems in line with the "Act on Reporting and Using Specified Financial Transaction Information (Special Financial Transactions Act)."

This year, Korbit conducted two AML training programs for all employees. First, on the 13th, Minseop Lee, head of the AML team at Kim & Chang and an advisory member of the AML subcommittee of the Digital Asset Exchange Association (DAXA), visited Korbit and explained the background and latest trends of AML systems to the employees.

Following that, Korbit’s AML department staff conducted training sessions for all employees. Unlike previous AML training, which was limited to attending lectures by external experts, this time, employees directly responsible for AML tasks at Korbit took the lead in educating their colleagues, which was a distinctive approach.

To this end, earlier this month, Korbit recorded video lectures prepared by the compliance officer, the head of the AML center, and other responsible personnel. Each took charge of one topic, covering ▲overall AML obligations ▲customer identification system ▲travel rule ▲suspicious transaction reporting ▲internal control duties employees must observe, delivering lectures tailored to Korbit’s practical work. These recorded video lectures were completed by all Korbit employees over a week starting from the 19th through an online education platform.

Sejin Oh, CEO of Korbit, said, "This time, above all, having the AML department staff conduct the training themselves created a virtuous cycle that also strengthened the department’s capabilities. AML work requires not only the dedicated department but all employees to understand the process to enable more effective AML. We will continue to enhance the transparency of exchange operations through ongoing education."

Meanwhile, Korbit has been committed to nurturing AML personnel to the extent that all AML staff hold core AML certifications such as CAMS (Certified Anti-Money Laundering Specialist). Ninety percent of the dedicated staff hold CAMS certification, and 80% hold both CAMS and CGSS (Certified Global Sanctions Specialist). According to the certification acquisition status announced by ACAMS (Association of Certified Anti-Money Laundering Specialists) in January this year, the number of certification holders at Korbit exceeds that of some major banks’ head offices.

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