The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) said on the 6th that it imposed fines of 35.2 billion won on Dunamu, the operator of the virtual asset exchange Upbit, for violating customer due diligence obligations and other rules.
The FIU said that in an on-site anti-money laundering inspection of Dunamu last year, it uncovered about 8.6 million violations of the Act on Reporting and Using Specified Financial Transaction Information, including 5.3 million cases of violating customer due diligence obligations, about 3.3 million cases of violating transaction restriction obligations, and 15 unreported suspicious transactions.
In response, Dunamu said, "We have strengthened measures to protect investors and will work harder to prevent recurrence. We will continue to do our best to provide a safe transaction environment for customers who use our services."