South Korea to let exchanges manage AML for transfers over 10M won

South Korean virtual asset service providers will be tasked with managing their own anti-money laundering risks for crypto transfers of 10 million won (approx. $7,300) or more with overseas exchanges or personal wallets, instead of being required to uniformly report such transactions to financial authorities. The decision was reportedly made by South Korea's Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, after it met with exchange representatives yesterday to gather industry feedback on proposed amendments to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, according to SBS News.