Korbit trying to curb financial crime risks in Southeast Asia

South Korea’s first cryptocurrency exchange Korbit announced on Nov. 6 that it has launched company-wide measures to prevent the spread of financial crimes and money laundering risks in Southeast Asia, particularly those originating from Cambodia.

The company said that it had begun comprehensive internal inspections last month to identify potential vulnerabilities related to Cambodia-linked financial and money-laundering activities.

Korbit also conducted internal training programs for employees in its anti-money-laundering division, customer service, and other relevant departments to strengthen response capabilities.

In addition, through an emergency thematic review, Korbit detected and reported additional suspicious transaction cases to the Financial Intelligence Unit (FIU).

Earlier in May, the Seoul-based exchange had already blocked deposits and withdrawals involving a Cambodia-based exchange and filed reports on users with related transaction histories to the FIU.

To raise user awareness, Korbit produced and released an educational video explaining the structure and real-world examples of Southeast Asian financial crimes, according to the company.

The video was made available on the company’s official YouTube channel, and related guidance has been posted on its website’s notice board.

“We will continue to monitor international sanctions and money-laundering risks in real time, while closely cooperating with financial authorities and industry partners to enhance transparency and trust in the domestic virtual asset market.” A Korbit representative said.