Korbit and Shinhan Bank hold seminar to strengthen suspicious crypto transaction reporting
Korbit, one of the top five cryptocurrency exchanges in South Korea, revealed on Monday (local time) that it conducted a seminar in collaboration with Shinhan Bank last month aimed at enhancing the effectiveness of suspicious transaction report (STR) filings.
Enhancing suspicious transaction reporting
The seminar held at Korbit’s premises was a collaborative forum where experts from both the exchange and Shinhan Bank exchanged insights and engaged in a question-and-answer session. The agenda covered areas such as the writing of STR reports, monitoring based on particular themes and the education of staff members. The gathering featured key participants, including Jin Chang-hwan, Compliance Officer of Korbit, and Yoo Jung-yeol, Head of the Digital Assets Team at Shinhan Bank as well as personnel from both organizations involved in anti-money laundering (AML) initiatives.
Focus on compliance
Earlier this year, Korbit and Shinhan Bank held a meeting to go over the Financial Intelligence Unit’s (FIU) comprehensive evaluation of virtual asset service providers (VASPs). This evaluation examined how well VASPs complied with the Travel Rule. Additionally, the meeting allowed both organizations to exchange ideas on how to enhance their compliance processes. In a move ahead of the industry, Korbit in September became the first Korean crypto exchange to adopt new rules for real-name bank accounts, a policy that will become mandatory in January of the following year.
Oh Se-jin, Korbit’s CEO, highlighted the increasing significance of filing STRs, citing recent FIU data that showed VASPs submitted more STRs in the first three quarters of this year than in the entirety of last year. He affirmed Korbit’s dedication to establishing itself as a secure and reliable cryptocurrency exchange through ongoing collaborations with Shinhan Bank.
Meanwhile, Korbit has managed to cut down the review period for STRs to a third of its previous duration. Additionally, the exchange verifies the effectiveness of its STR rules by performing monthly evaluations and seeking advice from external consultants.
