South Korean Banks Warned of Regulatory ComplianceSouth Korean Banks Warned of Regulatory Compliance
By Sheevika Senanayake - December 4, 2018

South Korean financial regulator – the Financial Supervisory Service (FSS) -  has issued a warning against two domestic banks regarding their lack of cryptocurrency transaction management and AML compliance. Kookmin Bank and Nonghyup Bank have been found to have “unreasonable elements related to virtual [currency] handling business”. However, since regulatory standards have not been clearly defined, the FSS’s order will only apply to some accounts.