The Korean Federation of Banks has created the "Virtual Asset Real-Name Account Operation Guidelines" following consultations with financial authorities and virtual asset exchanges. The guidelines aim to protect virtual asset users and bolster anti-money laundering efforts.
Key aspects of the guidelines include:
1. Requiring virtual asset exchanges to maintain a reserve of at least 3 billion won to fulfill potential liabilities to users.
2. Implementing additional authentication for money transfers and restrictions on money transfers when accounts have been inactive for extended periods.
Additionally, the Federation plans to impose differentiated deposit and withdrawal limits for user accounts, categorized as limit accounts and ordinary accounts. The new guidelines also revise anti-money laundering procedures and standards related to real-name accounts. Banks will now conduct enhanced customer identification for real-name account users annually, verifying user identity and collecting additional information about the transaction's purpose and fund sources. Monitoring of high-risk users and reporting of suspicious transactions will be strengthened under the new rules.
