South Korea’s Regulator Tightens AML Supervision 

South Korea’s financial authorities are ramping up their anti-money laundering (AML) initiatives to tackle the rising risks associated with the swift increase in virtual asset transactions.

The Financial Intelligence Unit (FIU), part of the Financial Services Commission, convened the AML Inspection Trustee Council on March 5 to discuss inspection strategies for 2025, as reported by local media.

The meeting, chaired by FIU Director Park Kwang, gathered AML officials from 11 oversight bodies, including the Financial Supervisory Service, the Ministry of the Interior and Safety, and the Korea Federation of Mutual Savings Banks.

The goal was to ensure uniformity in AML inspections and improve the prompt sharing of risk factors connected to financial crimes.

In 2024, South Korea emerged as one of the top global hubs for crypto businesses, underscoring the need for strong regulatory oversight. The country represents about 30% of global crypto trading, with approximately 4% of its population holding digital assets.