South Korea’s FIU fines virtual asset operator Korbit Ltd. KRW 2.73BN ($1.9M) for major AML and CTF breaches after inspections expose significant gaps in CDD and transaction monitoring

Korbit failed to properly verify the identities of its customers, especially those considered high-risk. The exchange did not adequately monitor transactions or assess customer risk profiles, which is a legal requirement to prevent money laundering. This gap meant that potentially suspicious or illicit activities could go undetected…