Banks face warnings over crypto transaction management

The Financial Supervisory Service (FSS) has warned the Kookmin Bank and Nonghyup Bank regarding their lack of management of cryptocurrency transactions and Anti-money laundering (AML) regulation. The banks were ordered to submit its measures to the authority within three months as an improvement order was slashed. The FSS may force more direct sanctions in the future.

The post Banks face warnings over crypto transaction management appeared first on Incrypts.

Banks face warnings over crypto transaction management

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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