Korean Financial Regulators Against Money Laundering

South Korean financial regulators will verify domestic banks whether the banks have fully complied with the new verification rules for crypto exchanges  
09 April 2018   424

Three domestic banks are inspected by South Korean financial regulators over their compliance with recently introduced anti-money laundering rules for cryptocurrency exchange accounts. The Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) will conduct on-site inspections on the NongHyup, KB Kookmin and KEB Hana banks from April 19 to 25.

At the beginning of this year the FSC forbade domestic banks from offering virtual, anonymous accounts to cryptocurrency exchange customers from February in a bid to prevent money laundering and illegal capital outflow via cryptocurrencies. Since that prohibition NongHyup, KookMin, Shinhan, KEB Hana, IBK, and JB have been developing their implementations of the new procedures, three of which will be inspected later this month.

The essence of the inspection will be if the banks have fully complied with the new real-name verification rules for cryptocurrency exchanges in South Korea. Moreover,  the FIU also urged other financial institutions not included in the inspection this time to conduct their own checks in an effort to comply with the new anti-money laundering and real-name verification guidelines.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   111

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.