South Korea’s FSC adds $1.4M to digital-asset tracking solution budget

South Korea’s Financial Services Commission increased the budget for introducing a digital-asset analysis and tracking solution for anti-money laundering efforts by 1.93 billion won ($1.4 million), Digital Asset reported. In materials submitted to the National Assembly on Sept. 3, the commission said advances in blockchain and other new technologies have increased the speed and complexity of money laundering, while limitations tied to aging systems have made it harder to track transaction flows, prompting efforts to improve the quality of suspicious transaction analysis. Separately, it added 11.4 billion won ($8.3 million) for the introduction of an AI-based review and analysis system.