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FIU "Virtual asset travel rule expanded to transactions of KRW 1,000,000 or less"
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- The Financial Intelligence Unit said it is considering expanding the scope of the virtual asset travel rule from transactions currently exceeding KRW 1,000,000 to transactions of KRW 1,000,000 or less.
- It said the measure aims to reduce the possibility of money laundering using small-value transactions and to refine the management system for virtual asset transactions.
- It said plans are in place to prepare AML system improvement measures, including an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, in the first half of 2026.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Financial authorities are considering expanding the travel rule applied to virtual asset transfers to cover transactions of KRW 1,000,000 or less. This is part of discussions to reexamine the overall anti-money laundering (AML) system and to establish a regulatory framework that complies with international standards.
On the 29th, according to the Financial Intelligence Unit (FIU) of the Financial Services Commission, the FIU held the first meeting of the "Task Force (TF) on Amendments to the Act on Reporting and Use of Certain Financial Transaction Information for the Advancement of the Anti-Money Laundering System" at the Government Complex Seoul. This TF was formed to comprehensively review the anti-money laundering system, which has been in place for 25 years since its introduction, and to systematically prepare measures to improve the system.
The TF plans to focus its discussions on: refining the regulatory framework for virtual asset service providers; enhancing alignment with the Financial Action Task Force (FATF) international standards; and improving AML inspection and sanction systems.
Among these, regarding regulation of virtual asset service providers, a measure to expand the information-provision obligation (travel rule) applied when transferring virtual assets from transactions exceeding KRW 1,000,000 to transactions of KRW 1,000,000 or less is being considered. The intent is to reduce the possibility of money laundering using small-value transactions and to refine the management system for virtual asset transactions overall.
The meeting, presided over by Lee Hyung-ju, head of the FIU, was attended by FIU, Financial Supervisory Service, and Korea Federation of Banks officials, along with private-sector experts from academia, research, and the legal field. Attendees formed a consensus on the need to enhance the effectiveness of the AML system to respond to the recent increase in cross-border crimes and serious crimes affecting people's livelihoods.
In addition, efforts will be made to enhance alignment with international standards in preparation for the Financial Action Task Force (FATF) mutual evaluation scheduled for 2028. To prevent the leakage of criminal funds during investigations, the introduction of a suspension system for accounts suspected of being used for criminal activity is being considered, and applying AML frameworks to professionals such as lawyers, accountants, and tax accountants is also included as a discussion topic.
Furthermore, complementary measures to strengthen the rationality and fairness of inspection and sanction systems will also be reviewed to increase the effectiveness of the AML system.
Meanwhile, the FIU plans to operate the TF regularly twice a month and, based on the discussion results, prepare measures to improve the AML system, including amendments to the Act on Reporting and Use of Certain Financial Transaction Information, in the first half of 2026.
