The Korea Financial Intelligence Unit (KoFIU) held the kickoff meeting of the taskforce for revamping rules regarding the Act on Reporting and Using Specified Financial Transaction Information (“the Act” hereinafter) on December 29.

The taskforce has been organized with goals to upgrade relevant regulations on Korea’s anti-money laundering (AML) framework, provide more effective responses against transborder crimes and serious financial frauds, and prepare for a mutual evaluation on AML/CFT with the Financial Action Task Force (FATF) scheduled to be held in 2028.

At today’s meeting, the taskforce went over the regulatory issues that need to be upgraded and discussed operational plans going forward.

First, the taskforce plans to seek regulatory improvements regarding virtual asset service providers (VASPs). In this regard, the travel rule, which currently requires VASPs to provide information about users sending and receiving virtual assets when requested to transfer virtual assets worth KRW100 million or more to another VASP, will be expanded to virtual asset transfers of less than KRW100 million. Moreover, the taskforce will work to draw up AML measures in preparation for the impending rules on stablecoins and the ensuing changes in its ecosystem.

Second, the taskforce plans to seek regulatory reforms to make domestic AML framework more congruent with global standards in preparation for the FATF mutual evaluation. In line with the FATF recommendations, authorities will seek to introduce a suspension of account activities on suspicious accounts to more effectively cut off the flight of criminal proceeds in the middle of a criminal investigation. Additionally, authorities will consider introducing AML rules for attorneys, certified public accountants, and tax accountants to help make Korea’s AML rules more consistent with global standards.

Third, the taskforce plans to draw up measures to improve the effectiveness of AML requirements and make the inspection and sanctions system more reasonable and impartial.

The taskforce will meet twice monthly. Based on the discussions and considerations put forward by the taskforce, the KoFIU plans to draw up a set of AML improvement measures in the first half of 2026.

* Please refer to the attached PDF for details.