South Korea FIU requires 44 proof items from registered crypto firms
South Korea’s Financial Intelligence Unit (FIU) is verifying the business management and legal compliance systems of registered virtual asset service providers (VASPs). The FIU has mandated the submission of 44 key review items, which include financial status, social credibility, major shareholders' eligibility, organization, personnel, IT infrastructure, internal controls, and legal compliance systems. Registered operators must complete supplementary filings by Nov. 20 and undergo a review based on strengthened standards. The review items consist of 17 items related to organization, personnel, IT infrastructure, and internal controls, and 27 items concerning legal compliance systems. The organizational and personnel items include three staffing items, two organizational items, 10 IT infrastructure items, and two internal control items. The legal compliance category encompasses 15 anti-money laundering items, eight items under the Virtual Asset User Protection Act, and four other user protection items. This status sheet follows the revised Special Financial Transactions Information Act rules that took effect on Aug. 20.
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