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South Korea inspects six banks over virtual currency services to clients

Reuters  |  SEOUL 

By Christine Kim and Dahee KimSEOUL (Reuters) - South Korean financial authorities on Monday said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets 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.The six banks named by the regulator have all provided virtual currency ...

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First Published: Mon, January 08 2018. 13:53 IST