South Korea's FIU initiates sanction process against Korbit

South Korea's Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, has initiated sanction procedures against virtual asset exchange Korbit, Aju Business Daily reported exclusively. According to industry sources on Dec. 22, Korbit confirmed it received a preliminary notice from the FIU on Dec. 18 regarding violations of its anti-money laundering obligations. This notice is the first step in the process, which will be followed by a roughly 10-day period for hearing opinions before the FIU's Sanctions Deliberation Committee makes a final decision on penalties, including potential fines.