Financial Supervisory Service Chairman: 'Rufhol' to Prevent Misuse of Virtual Assets for Money Laundering

Kim Byung-hwan, the chairman of the Financial Supervisory Service, emphasized that virtual assets (cryptocurrency) will be optimized to be used healthily and not misused for money laundering. Chairman Kim Byung-hwan stated at the '18th Day of Prevention of Money Laundering' ceremony held at the International Conference Hall of the Federation of Banks on the 28th, "We will respond strongly to illegal transactions using virtual assets so that they do not become a 'Rufhol' for money laundering." The Financial Intelligence Unit (FIU) of the Financial Supervisory Service detects criminal suspicions in virtual asset transactions reported by financial companies and provides them to law enforcement agencies. This includes cases such as illegal foreign exchange transactions involving Kimchi Premium, drug transactions, and large sums of money acquired through virtual asset incidents. Chairman Kim emphasized, "We will continue to improve the system to prevent money laundering related to virtual assets, such as introducing a travel rule to provide information on virtual asset transfers. We will ensure that virtual assets can be used healthily by requiring businesses that acquire virtual asset transactions across borders to report their transaction details."