#Upbit is investigated for KYC violations#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The main reason for the review is that the FIU found violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. This review will determine penalties and fines for Upbit employees and focus on whether KYC violations are related to money laundering. It is reported that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violation cases in Upbit, including cases where customers submitted blurry ID information but still completed account opening. The outcome of this review will impact the renewal registration process of Upbit as a Virtual Asset Service Provider (VASP), which was originally scheduled to be completed in October last year but has been delayed due to this incident.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will primarily focus on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. According to reports, the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurry ID information submitted by customers. The review will determine the disciplinary action and fines for Upbit employees, focusing on whether the KYC violations are linked to money laundering activities.The outcome of the review could affect the renewal process of Upbit's Virtual Asset Service Provider (VASP) registration, which was originally scheduled for completion in October last year but has been delayed due to this incident. This incident serves as a reminder for virtual asset service providers to strictly adhere to KYC regulations to prevent illegal activities such as money laundering.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit suspected of KYC violation, the Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21.
The review mainly concerns the violation of customer identity verification (KYC) obligations found by the FIU during its on-site inspection of Upbit last August.
The review results may involve disciplinary action against Upbit employees and the determination of the amount of fines, focusing on whether the KYC violations are related to money laundering.
This review may affect the renewal registration process for Upbit's Virtual Asset Service Provider (VASP).