Core Viewpoint - South Korea's Financial Intelligence Unit (FIU) has imposed a total fine of ₩27.3 billion ($1.89 million) on Korbit for significant violations of anti-money laundering (AML) regulations following an inspection conducted in late October 2024 [1][8] Group 1: Violations Identified - Korbit committed approximately 22,000 violations related to customer due diligence and transaction-restriction obligations [2] - More than 12,800 cases involved failures in customer identification, including accepting unclear identity documents and allowing transactions for customers with upgraded money-laundering risk ratings without additional checks [3] - An additional 9,100 cases involved breaches of transaction-restriction rules, allowing trading for customers whose identity verification was incomplete [4] Group 2: Transactions with Unregistered Platforms - Korbit facilitated 19 crypto asset transfers involving three overseas virtual asset service providers that were not registered under South Korean law, which is prohibited under the Specified Financial Transaction Information Act [5] Group 3: Accountability Measures - The FIU has imposed disciplinary measures on senior management, including a formal caution for Korbit's chief executive and a reprimand for the compliance reporting officer, reflecting their responsibility for the violations [7] - The sanctions were based on a comprehensive review of the severity of the breaches, their causes, and the company's corrective actions [8] Group 4: Future Actions - The FIU will continue to pursue follow-up enforcement actions stemming from ongoing inspections and has warned that serious violations of AML regulations will be dealt with strictly [9]