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   109

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.

BOScoin sets up a meetup in Amsterdam

The first European BOScoin meetup will be held in Amsterdam on May 13 to introduce the platform to the public
21 April 2018   25

BOScoin is holding its first European meetup session on May 13 in Amsterdam. The venue is chosen to be at Berlage Meet and Workspace. During the meetup members of the team with CTO Yezune Choi and the community manager will be available to answer questions in order for BOScoin community to learn more about the project, and understand how it fits into the broader market. Mr. Choi will be presenting an overview of the BOScoin platform, and going into greater detail about the project's future plans, and technical aspects of the platform.

Among the topics to be covered there will be explanation of the technology and project's business strategy. Currently BOScoin has a working and functional blockchain network called tokenNet, which allows for the transfer of BOScoin from wallet to wallet.

The event starts at 13:30 local time.