FSC to expand Travel Rule, strengthen anti-money laundering measures

South Korea's Financial Services Commission (FSC) plans to strengthen its response to new types of crime, such as virtual asset money laundering, by expanding the Travel Rule. In a briefing to the National Assembly's National Policy Committee on Feb. 5, the FSC announced it would enhance its framework for tackling offenses like cross-border crime and digital asset money laundering, Digital Asset reported. The commission is currently pushing to expand the Travel Rule to cover transactions under 1 million won ($680), a threshold that is currently set at 1 million won or more. Additionally, the FSC stated it would support data integration and utilization to foster AI transformation and digital innovation within the financial industry, and would work to establish a comprehensive regulatory system for digital assets.