Bithumb blocks transactions in countries that have not implemented money laundering prevention


[Digital Today Reporter Hwang Chi-gyu] Gaboxsan Exchange Bithumb (CEO Heo Baek-young) blocks transactions for residents of countries that do not comply with the anti-money laundering (AML) designated by the International Anti-Money Laundering Organization (FATF).

Bithumb announced at last month’s FATF general meeting that as four new countries were added to countries that did not comply with the international anti-money laundering standards, they were reflected in their own “regulation on anti-money laundering activities” and implemented immediately. According to the regulations, users in countries that have not implemented money laundering prevention are not allowed to sign up for new members, and the accounts of existing members are also suspended.

21 countries in which transactions are restricted are’high risk countries requiring action’ including Iran and North Korea, and 19 countries of’reinforced observational countries’ (including 4 new countries including the Cayman Islands, Burkina Faso, Morocco, and Senegal). It is a country.

Bithumb is preparing and implementing its own anti-money laundering policy, and is reinforcing customer identification (KYC) procedures, such as verifying the residence for all members.

Last year, Octa Solution and AML and Fault Detection (FDS) solution specialized for virtual asset providers were jointly developed, and a specialized solution from Chainnallysys, a US blockchain analysis company, and Dow Jones’ solution were also introduced. It also established its own anti-money laundering center. A Bithumb official said, “We will continue to supplement the relevant regulations and systems to create a transparent and sound virtual asset market and protect investors.”

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.