The Monetary Intelligence Unit (FIU) underneath the Monetary Providers Fee imposed a superb of 35.2 billion received (roughly $24.27 million) on Dunamu, the operator of the cryptocurrency alternate Upbit, on Nov. 6 for violating buyer verification obligations.
In an on-site inspection for anti-money laundering (AML) compliance performed at Dunamu final 12 months, the FIU detected roughly 8.6 million violations of the Act on Reporting and Utilizing Specified Monetary Transaction Info, together with 5.3 million circumstances of violating buyer verification obligations, round 3.3 million circumstances of violating transaction restriction obligations, and 15 circumstances of failure to report suspicious transactions. Based mostly on these findings, the authorities ordered a three-month partial enterprise suspension for Dunamu on Feb. 25 this 12 months. Former Dunamu CEO Lee Seok-woo acquired a reprimand warning, and 9 staff, together with the compliance officer, had been additionally topic to disciplinary measures akin to dismissal. At the moment, the FIU said that the quantity of the superb can be decided later, and the choice has now been finalized.
The market had proven nice curiosity within the measurement of the superb, as different cryptocurrency exchanges additionally face comparable points. Business forecasts had instructed that Dunamu may very well be fined a number of hundred billion received, and even as much as the trillion-won stage. Nevertheless, with the superb set at 35.2 billion received, analysts say the burden shall be restricted.
The FIU plans to finalize the superb quantity after issuing a previous discover of penalty imposition and offering Dunamu with a chance of no less than 10 days to submit its opinion. The FIU emphasised, “Digital asset service suppliers should be particularly vigilant in completely complying with authorized anti-money laundering obligations,” including, “We are going to proceed to examine and monitor the compliance programs of digital asset service suppliers, and take strict motion when violations are discovered.”
In response, a Dunamu spokesperson stated, “Dunamu has strengthened its measures to guard buyers and can proceed to make additional efforts to stop recurrence,” including, “We are going to do our utmost to offer a secure buying and selling surroundings for all prospects utilizing our companies.”
