「A Study on Anti-Money Laundering Obligations in Virtual Asset Custody Services -Focusing on Internal Controls and Regulatory Improvements-」
Chapter 1 Introduction 1
Section 1 Purpose of the Study 1
Section 2 Scope and Methodology 5
Chapter 2 Anti-Money Laundering System for Virtual Asset Custody Businesses 7
Section 1 Virtual Asset Custody Businesses 7
1. Definition 7
2. Differences from Traditional Financial Custody Businesses 11
Section 2 Domestic and International Regimes 16
1. Domestic Legal Framework 16
a. Act on Reporting and Use of Specific Financial Transaction Information 16
b. Act on the Protection of Virtual Asset Users 18
c. Business Regulations on Anti-Money Laundering and the Prohibition of the Financing of Public Threats 21
d. Best Practices and Guidelines for Virtual Asset Wallet Operation and Management 22
2. International Legal Frameworks 24
a. United States 24
b. European Union (EU) 26
c. Japan 30
d. Hong Kong and Singapore 32
3. International Regulatory Recommendations and Policy Standards 37
a. FATF 37
b. SEC 41
c. FIT21 44
d. IOSCO 46
Chapter 3 Limitations of Anti-Money Laundering Obligations 50
Section 1 Fulfillment of Anti-Money Laundering Obligations 50
1. Fulfillment of Customer Due Diligence Obligations 50
2. Virtual Asset Transfers 56
Section 2 Internal Control Risks 60
1. Inadequate Internal Operations (FTX and Coinbase Exchange Cases) 61
2. Security Risks (Bybit Hacking Case) 64
Section 3 Unclear Legal Status 68
1. Unclear Classification of Virtual Asset Business Types 68
2. Insufficient Third-Party Custody Obligations 70
Chapter 4 Strengthening Anti-Money Laundering Obligations 73
Section 1 Fulfillment of Anti-Money Laundering Obligations and Strengthening Internal Controls 73
1. Strengthening Anti-Money Laundering Obligations 73
2. Strengthening Internal Controls 77
Section 2 Clarification of Legal Status and Enactment of Basic Law 80
1. Establishment of Legal Status for Virtual Asset Custody Businesses 80
2. Enactment of the Digital Asset Basic Law 82
Section 3 Other 84
1. Directions for Advancing the Institutional Foundation of Virtual Asset Custodians 84
2. Expanding the Role of Virtual Asset Custodians 86
Chapter 5: Conclusion 90
References 93
ABSTRACT 99
「가상자산보관업의 자금세탁방지 의무에 관한 연구 : 내부통제와 규제환경 개선을 중심으로」
A Study on Anti-Money Laundering Obligations in Virtual Asset Custody Services -Focusing on Internal
「A Study on Anti-Money Laundering Obligations in Virtual Asset Custody Services -Focusing on Internal Controls and Regulatory Improvements-」
Chapter 1 Introduction 1
Section 1 Purpose of the Study 1
Section 2 Scope and Methodology 5
Chapter 2 Anti-Money Laundering System for Virtual Asset Custody Businesses 7
Section 1 Virtual Asset Custody Businesses 7
1. Definition 7
2. Differences from Traditional Financial Custody Businesses 11
Section 2 Domestic and International Regimes 16
1. Domestic Legal Framework 16
a. Act on Reporting and Use of Specific Financial Transaction Information 16
b. Act on the Protection of Virtual Asset Users 18
c. Business Regulations on Anti-Money Laundering and the Prohibition of the Financing of Public Threats 21
d. Best Practices and Guidelines for Virtual Asset Wallet Operation and Management 22
2. International Legal Frameworks 24
a. United States 24
b. European Union (EU) 26
c. Japan 30
d. Hong Kong and Singapore 32
3. International Regulatory Recommendations and Policy Standards 37
a. FATF 37
b. SEC 41
c. FIT21 44
d. IOSCO 46
Chapter 3 Limitations of Anti-Money Laundering Obligations 50
Section 1 Fulfillment of Anti-Money Laundering Obligations 50
1. Fulfillment of Customer Due Diligence Obligations 50
2. Virtual Asset Transfers 56
Section 2 Internal Control Risks 60
1. Inadequate Internal Operations (FTX and Coinbase Exchange Cases) 61
2. Security Risks (Bybit Hacking Case) 64
Section 3 Unclear Legal Status 68
1. Unclear Classification of Virtual Asset Business Types 68
2. Insufficient Third-Party Custody Obligations 70
Chapter 4 Strengthening Anti-Money Laundering Obligations 73
Section 1 Fulfillment of Anti-Money Laundering Obligations and Strengthening Internal Controls 73
1. Strengthening Anti-Money Laundering Obligations 73
2. Strengthening Internal Controls 77
Section 2 Clarification of Legal Status and Enactment of Basic Law 80
1. Establishment of Legal Status for Virtual Asset Custody Businesses 80
2. Enactment of the Digital Asset Basic Law 82
Section 3 Other 84
1. Directions for Advancing the Institutional Foundation of Virtual Asset Custodians 84
2. Expanding the Role of Virtual Asset Custodians 86
Chapter 5: Conclusion 90
References 93
ABSTRACT 99
「가상자산보관업의 자금세탁방지 의무에 관한 연구 : 내부통제와 규제환경 개선을 중심으로」