Financial authorities are establishing a joint task force (TF) with the financial sector to proactively address emerging money laundering methods and will conduct a full investigation of the Saemaul Geumgo's anti-money laundering (AML) systems. The Korea Financial Intelligence Unit (FIU), under the Financial Services Commission, announced on the 5th that it will form and operate the "Public Crime AML Joint Response Team" at the "AML Inspection Trustee Institution Council."

Key Highlights:

Formation of the Public Crime AML Joint Response Team:Aims to counter new money laundering techniques using virtual assets and simplified money transfers, and to identify AML vulnerabilities in the financial sector.
Plans to analyze suspicious transaction patterns related to public crimes such as voice phishing, multi-level fraud, gambling, and drugs, and disseminate relevant warnings to the financial industry.
Full Investigation of Saemaul Geumgo's AML Systems:Conducts a comprehensive review of Saemaul Geumgo's AML systems, which have recently faced financial instability issues.
The Ministry of the Interior and Safety plans to conduct risk assessments on the Saemaul Geumgo Central Federation and all unit funds within this year.
The Financial Supervisory Service also plans to review consumer protection measures and the operational coordination between AML-related departments at each financial company.
AML-related inspections will be strengthened for sectors with inadequate AML management or significant vulnerabilities.

FIU Director Park Kwang emphasized, "AML is a bulwark that maintains trust and transparency in social order by blocking the circulation and concealment of criminal funds. If the AML system does not function properly, public crimes that threaten the lives of vulnerable groups, including voice phishing and drug crimes, can spread more rapidly and covertly."

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