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Compliance Officers Playbook

Upbit Faces Sanctions for AML Violations

20 Jan 2025

Description

The episode tackles reports that Upbit, South Korea's largest cryptocurrency exchange, faces potential suspension and substantial fines for violating anti-money laundering (AML) and Know Your Customer (KYC) regulations. The Financial Intelligence Unit (FIU) discovered approximately 700,000 instances of insufficient KYC procedures. Upbit is accused of conducting transactions with unregistered overseas crypto businesses and has until 20 January to respond to the allegations. Failure to comply could lead to a temporary business closure and impact its licence renewal. The episode also features news briefs on various cryptocurrency market events, including the launch of a Trump-themed meme coin.

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