South Korean authorities find over 5M KYC violations at exchanges

On-site inspections by South Korean financial authorities have uncovered more than five million violations of Know Your Customer (KYC) obligations at crypto exchanges since August 2024, MTN News reported. The surge in cases has reportedly strained the sanctions review process, prompting authorities to hire additional personnel. The outlet added that the scale of the infractions has led to criticism within the financial industry that exchanges' customer identification and transaction monitoring systems may have been operated merely as a formality.