The Financial Intelligence Unit (FIU) convened 16 financial related organizations to assess the preparation status ahead of the revision of anti-money laundering regulations scheduled for May.
On the 21st, the FIU noted that it held the '2025 First Anti-Money Laundering Related Organizations Council.' The meeting was attended by executives from 16 financial related organizations, including associations for banks, investment finance, life insurance, property insurance, credit card companies, fintech, online investment businesses, lend businesses, casinos, savings banks, NongHyup, fisheries cooperatives, credit unions, forestry cooperatives, Saemaul Geumgo Central Association, and the Digital Asset Exchange Joint Council (DAXA).
The related organizations stated that they are preparing relevant regulations and procedures to present anti-money laundering guidelines to the board of directors. According to the revised operational regulations, when a company establishes, amends, or abolishes its anti-money laundering guidelines, it must go through a board resolution. For banks, the reporting officer must be appointed from either directors or operational executives.
Yoon Young-eun, Director of Institutional Operation Planning at the FIU, urged, "As regulations related to anti-money laundering, which have been previously approved by the CEO, are elevated to be subject to board amendments and revisions, thereby restructuring the management and supervision system, I hope that you will work toward enhancing anti-money laundering capabilities across the entire organization in consideration of the purpose of the revision."
During the meeting, the latest anti-money laundering issues by sector were shared. Discussions included the characteristics of suspicious transactions and unusual transaction patterns using proxy accounts, virtual assets, and virtual accounts, as well as the types of suspicious transaction related to crimes harming the public, such as investment scams and insurance fraud.