SOUTH KOREA GETS TOUGH ON VASPS THAT FAIL TO FILE SARS
March 1st, 2021
South Korea will take a tough stance on virtual asset service providers (VASPs) that fail to file suspicious activity reports (SARs) when anti-money laundering (AML) requirements become mandatory on March 25. Barely two weeks before VASPs have to comply with AML and know your customer requirements under a revised March 2020 Act on Reporting and Using Specified Financial Transaction Information, South Korea’s Financial Services Commission (FSC) announced VASPs could be fined for failing to submit SARs or comply with other requirements, such as keeping data on ...
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