South Korea Tightens Crypto AML Rules with Sub-$680 Transfer Requirement

South Korea is implementing a significant crackdown on cryptocurrency money laundering, targeting transactions below 1 million won (about $680). This move comes in response to the growing use of crypto for illicit activities such as tax evasion and drug trafficking. The country’s Financial Services Commission (FSC) plans to extend its Travel Rule to cover all transfers under this threshold, requiring exchanges to collect sender and receiver information. This aims to disrupt money laundering schemes that exploit smaller transactions.