FSC Chairman speaks about importance of AML efforts by financial institutionsNov 28, 2023

The Korea Financial Intelligence Unit (KoFIU) held the 17th annual anti-money laundering commemoration event on November 28. At the event, awards were presented to 7 organizations and 26 individuals who have made contributions to the country's AML efforts. Delivering a commemorative speech at the event, FSC Chairman Kim Joo-hyun highlighted the importance of boosting AML capacity of financial institutions. Through close cooperation and collaboration with law enforcement authorities, Chairman Kim said that the KoFIU will make utmost use of its investigative and analytical capabilities to prevent crimes involving virtual assets and root out illegal private lending activities. By strengthening the business approval and inspection processes for virtual asset service providers, Chairman Kim said that the authorities will spare no effort in preventing potential use of virtual assets in money laundering activities and ensuring protection for users.