As financial authorities and financial-related agencies have tightened their monitoring of fake accounts of virtual asset operators, some small and medium-sized virtual asset exchanges are moving to several financial companies, repeating the opening and suspension of fake accounts and other accounts. Therefore, when investing in virtual assets, special attention is needed by using illegal borrowed-name accounts if the names of virtual asset exchanges and collection accounts are different.
On the 30th, the Korea Financial Intelligence Unit (FIU) under the Financial Services Commission held a meeting of the ‘Council of Related Agencies’ to implement the anti-money laundering system and checked the monitoring, full investigation, and action status of camouflage, others, and collection accounts.
FIU explained that it continued to hide 상품권현금화 by using accounts under other names and accounts of disguised affiliates of financial companies due to mandatory reporting of virtual asset operators and strengthened monitoring of bank accounts until September 24th.
It has been revealed that “the grasshopper-like”operations have been revealed to avoid surveillance networks, with some small and medium-sized virtual asset exchanges moving several financial companies and opening accounts under the names of others.
Although financial companies are suspending transactions as soon as they find accounts under camouflage and other names, it is understood that they still operate indirect collection accounts under the names of disguised affiliates, law firms, and employees, or through the purchase of gift certificates.
Earlier, FIU ordered the entire financial sector to investigate all collection accounts under camouflage and other names of virtual asset exchanges, report them for the first time by the end of this month, and conduct a monthly survey by September. In addition, if a large amount of money is transferred from a collection account in preparation for the possibility of exchanges stealing customer deposits and closing down, it is required to report it to the FIU as a suspicious transaction (STR) without delay.
The inspection found that some exchanges used expediency by allowing them to trade virtual assets only with electronic gift certificates sold by affiliates, effectively using affiliate accounts as collection accounts.
While being investigated by law enforcement agencies for accusations, cases of changing business names and operating under fake collection accounts were also found.
Financial companies have assigned dedicated personnel to monitor fake and other accounts and are suspending transactions with customers if certain accounts are identified as fake accounts. Information is shared with the Financial Services Commission and other financial companies through hotlines.
“We have asked to strengthen internal control of anti-money laundering due to an increase in money laundering crimes such as irregular loans linked to internal employees, embezzlement of investment and illegal operation of trust assets,” an FIU official said. “We asked financial companies to pay special attention to prevent money laundering and illegal financial transactions in the loan, investment and asset trust management sectors.”