South Korea Tightens AML Regulations in Crypto to Combat Illicit Activities

In a major move to combat illicit financial activity within the cryptocurrency industry, South Korea is implementing stricter anti-money laundering (AML) regulations. The government’s strategy involves expanding its Travel Rule requirements for transactions under $680 and implementing enhanced oversight of crypto exchanges. These measures aim to curb money laundering related to drug trafficking, tax evasion, and international payment schemes, targeting high-risk offshore exchanges while strengthening regulatory frameworks within the country.