Gate News reports that on March 16, the Korean Financial Intelligence Unit (FIU) decided to impose a six-month partial business suspension and a fine of 36.8 billion KRW (approximately $24.6 million) on a certain CEX for violations of anti-money laundering (AML) obligations and other reasons. During on-site inspections from March to April last year, the FIU found approximately 6.65 million violations of the Act on Reporting and Using Specified Financial Transaction Information, including 45,772 transactions with 18 unreported overseas virtual asset operators and about 6.59 million cases of violations related to customer identity verification (KYC) and transaction restrictions. The partial suspension will last from March 27 to September 26. During this period, existing users’ transactions will not be affected, but new users transferring virtual assets externally (deposits and withdrawals) will be restricted. Additionally, the representative director of the exchange will receive a warning, and the reporting officer will be suspended for six months.
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