Kwang-soo Kim, Chairman of the Federation of Banks, “Bank Coin Exchange Risk Assessment, Don’t Take Responsibility


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Kwang-soo Kim, Chairman of the Banking Association. (Photo = Provided by the Federation of Banks)

Kim Kwang-soo, chairman of the Banking Association, said in relation to the bank’s risk assessment of cryptocurrency exchanges, “If we did our best, we should not be held responsible for the results.”

On the afternoon of the 18th, Chairman Kim met with reporters while attending the special policy seminar on ‘Improving internal control of domestic financial companies’ held at the Bank Hall in Jung-gu, Seoul, hosted by the Banking Law Association.

Chairman Kim further emphasized, “If (the bank) has done its best in the cross (verification) process, it should be recognized.”

Chairman Kim also said that he conveyed to the financial authorities that the responsibility for the bank’s exchange evaluation was too heavy.

Chairman Kim said, “The financial authorities are also discussing the issue of real-name accounts (we have to wait for the results),” said Chairman Kim, regarding the exemption standard that does not hold responsibility for future accidents if there is no cause of negligence by the bank during the verification process of the bank’s exchange for real-name account issuance. .

In accordance with the Act on the Reporting and Use of Specific Financial Transaction Information (Special Act), the Exchange must meet the requirements for ISMS certification and issuance of real-name accounts by September 24 in order to file a business report.

However, the banking sector does not readily accept the issuance of real-name accounts due to the burden of anti-money laundering issues. There is a prevailing atmosphere in the banking sector that the responsibility of the bank is excessive. If something goes wrong with the exchange, the bank will have no choice but to take on all the responsibilities. This seems to have conveyed to the financial authorities that the bank’s responsibility is too excessive.

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