South Korea inspects six banks over clients' virtual currency accounts

The joint inspection by the Financial Services Commission and Financial Supervisory Service will check if banks are adhering to anti-money laundering rules.

Published: 08th January 2018 11:20 AM  |   Last Updated: 08th January 2018 11:20 AM   |  A+A-

Eoh Kyung-hoon, leader of a club studying cryptocurrencies, checks a chart after a meeting at a university in Seoul, South Korea, December 20, 2017. | Reuters

By Reuters

SEOUL: South Korea's financial regulator said on Monday it is jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions.

The joint inspection by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) will check if banks are adhering to anti-money laundering rules and using real names for accounts, FSC Chairman Choi Jong-ku told a press conference.

Officials are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include shutting down institutions that use such currencies, Choi said.

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