Regulatory Alerts2024-06-24 | 82520Strengthened Reporting Requirements for Virtual Asset Service Providers
The Korea Financial Intelligence Unit (KoFIU) announced revised regulations under the Act on Reporting and Using Specified Financial Transaction Information that take effect on June 27, 2024. The changes mandate Virtual Asset Service Providers to report detailed compliance systems and major shareholder status, while imposing specific deadlines for notifying authorities of business changes. Additionally, financial companies issuing accounts to VASPs must enhance risk assessment procedures and IT infrastructure, and authorities gain the power to suspend registration reviews during ongoing criminal investigations.
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