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Fintech firms obliged to tackle terror financing

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Published : 2017-07-13 14:46
Updated : 2017-07-13 14:46

South Korea's financial regulator said Thursday it will require fintech firms to come up with measures to deal with terrorist financing, in line with an agreement reached at the recent Group of 20 summit.

About 40 fintech firms in South Korea are expected to launch international money transfer services for small funds on Aug. 15.

During the G-20 summit in Germany, leaders of the world's top economies agreed to step up efforts to tackle the financing of terrorist groups. 

G-20 summit in Germany. (Yonhap)

The Financial Intelligence Unit of South Korea's Financial Services Commission said it will require fintech firms to check customer information and purposes of transactions when they send money overseas.

If money transfers are deemed to be used for money laundering or terrorist financing, fintech firms should report their customer information to the authorities.

A one-off transfer via a fintech firm will be limited to $3,000 or less. By an account, an annual limit for international money transfers via fintech firms will be set at $20,000.

Fintech firms will be allowed to use various methods to send money, including pooling, pairing and the digital currency Bitcoin, the financial regulator said. (Yonhap)