Coinone announced yesterday it has established an anti-money laundering (AML) center and is making Suspicious Transaction Reports (STRs) to financial authorities. Coinone’s AML Center, along with its partner NH Nonghyup Bank, will conduct know-your-customer (KYC) verifications, investigate incidents and disputes, and establish a cooperative system with outside parties. Coinone has also completed basic training for AML center employees on anti-money laundering efforts and reporting suspicious transactions, and plans to expand the center through additional recruitment.
The Suspicious Transaction Report (STR) system is a legal and institutional device for detecting and preventing the laundering of illegal funds. Financial companies such as banks and securities firms are obligated to monitor transactions suspected of money laundering and report them to the Financial Intelligence Unit (FIU). Coinone, after submitting a regulatory compliance report to the FIU last month, is now classified as a financial company and must comply with relevant obligations.
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