#Upbit is under investigation for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee on January 21st regarding Upbit. The committee will focus on the violation of Know Your Customer (KYC) obligations discovered during a site inspection of Upbit last August. This review will determine the penalties and fines imposed on Upbit employees, with particular attention to whether the KYC violations are linked to money laundering activities. According to reports, the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violations by Upbit, including cases where customers were able to open accounts despite submitting blurry ID information. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled to be completed in October last year but has been delayed due to this issue.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations identified during an on-site inspection of Upbit in August last year. It is reported that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where accounts were opened despite blurry ID information provided by customers. The outcome of the review could involve disciplinary action against Upbit employees and determination of fines. The key focus will be on whether the KYC violations are linked to money laundering activities. The review may also impact the renewal of Upbit's registration as a Virtual Asset Service Provider (VASP), which was originally scheduled for completion in October last year but has been delayed due to this incident.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations. The Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21.
This review will involve determining disciplinary actions against Upbit employees and the amount of fines, and could affect the renewal registration process of Upbit's Virtual Asset Service Provider (VASP).
In an on-site inspection of Upbit in August last year, FIU found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but still completed account opening.
The focus of this review is whether KYC violations are linked to money laundering activities.