According to the Daily Planet, the Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea is undergoing an organizational restructuring. The restructuring of the FIU will replace the Virtual Asset Inspection Office, the Planning Management Office, and the System Operation Office with the Anti-Money Laundering Inspection Office, the Anti-Money Laundering Comprehensive Office, and the Anti-Money Laundering Supervision Office, respectively.
The Inspection Division will be responsible for casino and anti-money laundering inspections, the General Division will be responsible for monitoring the Specified Financial Information Act (Special Act), and the Supervisory Division will be responsible for anti-money laundering assessments and training. A Financial Services Commission official said the above issues were discussed at a meeting last week and that although it is still a draft, the three-division system is likely to be adopted.
In addition to the reorganization, the FIU will also set up a separate organization to comprehensively regulate cryptocurrencies. The Virtual Assets Law stipulates the power of financial authorities to protect user assets, regulate unfair practices, and supervise and sanction, and requires the Financial Intelligence Agency to formulate decrees and implementation rules to monitor unfair trading practices. In addition, the FIU needs to conduct research on virtual assets, the distribution and issuance of stablecoins, and how to establish comprehensive disclosure, and report progress to the National Assembly.
