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South Korea inspects six banks over clients' virtual currency accounts

Reuters  |  SEOUL 

By Christine Kim and Dahee KimSEOUL (Reuters) - South Korea's financial regulator said on Monday it is jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions amid growing concerns increasing use of assets like bitcoin could lead to a surge in crime.The joint inspection by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) will check if banks are adhering to anti-money laundering rules and using real names for accounts, FSC Chairman Choi Jong-ku told a press conference."Virtual currency is currently unable to ...

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First Published: Mon, January 08 2018. 11:58 IST
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