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South Korea inspects 6 banks over clients' virtual currency accounts

Reuters  |  SEOUL 

(Reuters) - South Korea's said on Monday it is jointly carrying out inspections on six local banks that offer virtual accounts to institutions.

The joint inspection by the Commission (FSC) and (FSS) will check if banks are adhering to anti-laundering rules and using real names for accounts, FSC told a press conference.

Officials are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include shutting down institutions that use such currencies, Choi said.

(Reporting by and Dahee Kim; Editing by Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 11:05 IST