Korbit, one of South Korea’s leading crypto exchanges, has recently conducted <a href="https://zdnet.co.kr/view/?no&#61;20240221093930" rel="noopener noreferrer nofollow">an education session</a> on anti-money laundering (AML) for its employees, local tech media outlet ZDNet Korea reported.Held in the office lounge of Korbit, the session was led by Hwang Seok-jin, an expert in financial crime and anti-money laundering regimes. A professor at the Graduate School of International Information Protection of Dongguk University, he has served as a compliance officer and a consultant at Digital Asset eXchange Alliance (DAXA), a group consisting of five leading cryptocurrency exchanges in South Korea.<h2 id="header-0">Emphasis on the Virtual Asset User Protection Act</h2>Mr. Hwang informed Korbit’s employees about the upcoming Virtual Asset User Protection Act, effective July, highlighting guidelines for investor protection, prohibitions against unfair transactions and the financial regulators’ authority and oversight.The session especially focused on explaining the Virtual Asset User Protection Act, given that the Act would deeply influence many departments of Korbits ranging from the accounting and finance unit handling customer deposits to blockchain-related units responsible for the custody of virtual assets.Korbit maintains a no-negotiation policy that bars projects from interacting with exchange employees prior to their tokens being listed. This policy enhances the transparency of Korbit’s evaluation process, ensuring that the exchange assesses projects impartially, without third-party influence or external pressures.After listing an asset, Korbit conducts quarterly risk assessments on all crypto assets traded on the platform. Additionally, it plans to adopt a stricter approach to internal controls to enhance customer protection, in line with the upcoming enactment of the Virtual Asset User Protection Act.

Korbit holds an education session on AML for its employees

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