In response to South Korea’s Monetary Intelligence Unit (FIU), native digital asset exchanges reported 49% extra suspicious transactions in 2023 than in 2022.
On Feb. 14, the FIU published the abstract of its work plan for 2024, wherein it shared essential information and strategic initiatives for crypto market oversight.
The FIU has been actively encouraging crypto exchanges to report any transactions that increase suspicions of cash laundering and unlawful “overseas change outflow.”
Consequently, there have been 16,076 experiences by native crypto exchanges in 2023, up from 10,797 in 2022. As compared, the variety of complete suspicious transactions, together with however not restricted to crypto belongings, elevated by 10.2%.
The FIU additionally said that the variety of notifications about suspected crypto crimes rose by roughly 90% in 2023 from a year-to-year perspective. Nevertheless, the FIU didn’t disclose any particulars on the notifications because of the Specified Monetary Data Act, nor did it specify whether or not such notifications have additionally come from crypto exchanges, as within the case of suspicious transactions.
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The enforcement company additionally counts 100 instances of unregistered crypto mortgage companies, which it has handed over to the Nationwide Tax Service and the Nationwide Police Company. All instances have been tracked based mostly on yearly suspicious transaction information gathered by the FIU in December 2023 and January 2024.
The FIU intends to “develop and reinforce” its crypto staff in 2024, offering the mandatory schooling and coaching. The company additionally plans to launch a “digital asset evaluation system,” monitoring and analyzing digital asset transaction particulars and “advanced motion paths.”
Days earlier than the FIU’s official launch, The Korea Occasions reported that the company would introduce a preemptive trading suspension system for suspicious transactions on platforms already working in South Korea. It will freeze transactions even in the course of the pre-investigation part. The newest launch confirms this info.
On Feb. 7, one other Korean regulator, the Monetary Providers Fee, announced that crypto criminals coping with greater than $3.8 million in unlawful earnings may resist life in jail.
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