South Korea is a mature financial market in Far East Asian countries. AML Certification in South Korea plays a very important role. South Korea is on the radar of the money launderers due to its notorious neighbors.
North Korea, to fund its nuclear programs hacked into South Korean Crypto Currency Exchanges. South Korean users were found to be globally active on the cryptocurrency exchanges and some of the biggest cryptocurrency exchanges were hosted in South Korea. The economy of South Korea is increasing rapidly due to population increase, low labor market, and heavy import and export facilities.
What are the crimes in South Korea
There is a strict ban on money laundering in Korea. South Korea has taken effective steps to combat the illicit activities that are taking place. There is a lot of gambling, fraud, and corruption taking place in Korea. It has built a strong legal framework to combat money laundering. The financial institutions in Korea have knowledge of terrorist financing and try to mitigate it by applying certain rules and regulations. A number of high-level corruption cases are also highlighted in South Korea.
KoFIU is the regulating authority in Korea. They have laid down strict guidelines for combating the peril of AML. Where a customer opens an account or makes a single financial transaction exceeding the threshold limits (ie, 3 million won for a casino chip transaction, 1 million won for a wire transfer, US$10,000 for a foreign exchange transaction or 15 million won for other financial transactions), every financial institution is required to carry out the due diligence.
What is the status of FATF Evaluation in South Korea
South Korea is a FATF member since 2009. It is not on the AML Deficiencies List. According to the most recent Mutual Assessment Report (2020). Similarly, South Korea has been deemed compliant for 12 of the FATF 40 recommendations and largely compliant for 20 of them. Also, South Korea is not on the AML Deficient List.
What is Financial Action Task Force
The Financial Action Task Force is regarded as the global money laundering and terrorist financing watchdog. This body is developed to set up the standards with the aim to combat the illegal activities that are taking place in the country. FATF promotes bringing up the national legislative and regulatory reforms in these prone areas.
Countries on the grey list do not suffer as severe repercussions as those on the Black List. Countries turning a blind eye toward the spread of blatant money laundering and terror funding are placed on the black list. The FATF has likely observed the beginnings of such activities in grey-listed countries. Placing a country on the grey list serves as a sort of warning for them. If they do not take any action against the spread of such activities, the FATF will most likely move them to the Black List. The black list was formerly known as the “Call for action” list and the Grey List “Other monitored jurisdictions.
Overview of the Economy
The South Korean economy is highly developed mixed economy. South Korea has shown noteworthy rise in the economic development from an underdeveloped country to a developed country. The country has put forth the economic growth as well globally integrate modern industrialized economy as a whole.
The country embraced an export-oriented economic strategy to gear up its economy. The country’s main focal point is on the economy’s long term challenges that comprises of rapidly developing population, the rigid labor market as well as heavily dependent on the exports.
How big is the AML challenges in South Korea
The Anti Money laundering challenge in South Korea is increasing rapidly. The Korean authority is going through the continuous risk assessment that gives the overall understanding the country faces that is related to tax, crime, fraud, corruption, bribery etc. The country has the low terrorist financing risk.
AML Certification in South Korea
Certified Anti-Money Laundering Professional is the course launched by the Regtech Times Academy. The one who will opt for this course will get the overall knowledge about how to become an AML professional. Also by getting theoretical as well as practical knowledge.
Hence, in South Korea, many institutions such as casinos, insurance companies, mutual savings banks, financial companies, credit cooperatives, credit unions, trust companies, commercial banks, and securities companies are at risk of money laundering. Institutions at risk of money laundering must take various precautions and comply with AML / CTF regulations. Also, in Korea, all financial institutions must comply with the Customer Due Diligence(CDD). In addition, financial institutions that do not comply with CDD regulations may have to pay large fines. AML certification in South Korea is a must.
Benefits of AML Certification in South Korea
Regtech Times Academy has started the Certified Anti-Money Laundering Professional AML Certification in South Korea course which is a video-based learning certification in the compliance domain. Certified Anti-Money Laundering Professional is an interesting experience for compliance professionals. The international edition of the Certified Anti-Money Laundering Professional program offers an exhaustive set of resources for the students. During the process of completion of this course, professionals develop an understanding of the wide range of terms associated with financial crimes.
Riskpro Learning has also provided a short-term course related to “Certification in Crypto Currency Laundering”. It is a video learning-based course. The aspirants can opt for this course as it will give one the overall knowledge of cryptocurrency laundering. The certification is administered online so participants can get all of the benefits of completing this certification. It will also help the aspirants to get knowledge about the industry practices for creating best practices in the highly volatile crypto world as well as the strategies that are developed for protecting the digital assets.
To whom these AML Certification in South Korea are applicable
The above following courses are applicable to the aspirants who want to get established in the compliance domain, or the person who wants a career option in the AML domain. It will be also helpful for beginners who are keen to understand the Anti-Money laundering measures, terrorist financing, fraud, etc.
Learning Outcome from the course
Certified Anti-Money Laundering Professional AML Certification in South Korea will help you to understand the overview of International Laws, Deep knowledge of a Politically exposed person, and understand of Risk-based approach to money laundering, AML/CFT regulations laid down by FATF.
Certification in Crypto Currency will help you to understand the overview of cryptocurrency, how money laundering takes place in cryptocurrency, how to combat the financial crimes that are taking place via cryptocurrencies etc.
Cost of AML Certification in South Korea
The professionals are in search of doing something related to the AML Certification in South Korea. They want to do the different types of global certifications. However, the cost of global certifications plays a major barrier to gaining Certification. There are global courses provided all over the world. One of the most popular courses is Certified Anti-Money Laundering Professional which is offered by Regtech Times Academy and should have global recognition. The cost of this course is $300.00 for an individual to complete this course.
Prep Course for AML Certification in South Korea
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams which would help the Algerian aspirants to pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept the payments in local currency.
Local AML Regulations in South Korea
- Act on Reporting and Using Specified Financial Transaction Information
- Prohibition Against the Financing of Terrorism Act Regulation and Punishment of Criminal Proceeds Concealment Act
- Act on Special Cases Concerning the Prevention of Illegal Trafficking in Narcotics
- Real Name Financial Transactions and Privacy Law
- Foreign Currency Transactions Act, Criminal Law, Criminal Procedure Law
- Anti-Money Laundering (AML) Regulation / Combating the Financing of Terrorism (CFT)Regulation
Legislative Regulations in South Korea
Additionally, personal Income Tax and Corporate Tax laws prohibit domestic and international bribery in Korea. The Anti-Money Laundering (AML) Regulation / Anti-Terrorism Financing (CFT) Regulation, Real Name Financial Transactions, and Privacy Law, and the Criminal Court Law include legal regulations on money laundering. These regulations punish persons engaged in money laundering activities.
