<p>South Korean cryptocurrency exchange Bithumb <a href="https://zdnet.co.kr/view/?no&#61;20231109103804" rel="noopener noreferrer nofollow">revealed</a> today (local time) that it received the highest score in its evaluation group during the anti-money laundering (AML) compliance evaluation conducted by the Financial Intelligence Unit (FIU) under the Financial Services Commission for the first half of the year.</p><h2 id="header-0">Internal control improvements</h2><p>The exchange received high marks for improving its AML internal control system, expanding the number of employees, boosting employee training measures and properly reporting suspicious transactions.</p><p>In response to the evaluation results, Bithumb reaffirmed its dedication to implementing improvements in these areas. It also said that it would provide AML-related training for employees in other departments by encouraging them to obtain professional certifications in AML compliance standards.</p><h2 id="header-1">Plans for further system reinforcement</h2><p>The exchange is also set to introduce a next-generation AML system early next year that applies machine learning techniques to analyze transaction patterns, thus enabling it to respond to money laundering activities — which have recently become more elaborate and sophisticated — faster and more effectively.</p><p>“The results of this compliance system assessment are proof of the efforts and consideration of Bithumb’s employees,” said Choi Hee-kyung, a compliance officer at Bithumb. “With the next-generation AML system that we plan to implement next year, we look forward to establishing an advanced AML internal control system that thoroughly abides by domestic and international AML laws while effectively preventing and examining money laundering cases and risks of terrorist funding.”</p><p>This comes after Flybit, another Korean crypto exchange, also recently <a href="https://medium.com/&#64;coinness.gl/flybit-achieves-top-score-in-fius-anti-money-laundering-assessment-411a45288856" rel="noopener noreferrer nofollow">revealed</a> that it has received top ratings in a comprehensive AML evaluation by the FIU.</p>

Bithumb achieves top score in FIU anti-money laundering compliance evaluation

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