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Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Regulations in South Korea

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This document outlines the AML and CFT regulations in South Korea, specifically focusing on Suspicious Transaction Reports (STRs), Currency Transaction Reports (CTRs), and related procedures.

Suspicious Transaction Reports (STRs)

Definition

An STR is a report filed by financial institutions or casinos when they have reasonable grounds to suspect that funds received are criminal proceeds or the customer is engaged in money laundering or terrorist financing.

Reporting Requirements

Financial institutions and casinos must report to the Korea Financial Intelligence Unit (KoFIU) when they have reasonable grounds for suspicion, based on their expertise and subjective judgment.

Filing an STR

If a front desk teller suspects a transaction is related to money laundering or terrorist financing, they will report it to the reporting officer, who will review and file an STR using a standard form if there are reasonable grounds for suspicion.

Currency Transaction Reports (CTRs)

Definition

A CTR is a report filed by financial institutions and casinos when they receive or send cash transactions above a designated threshold.

Reporting Requirements

Financial institutions and casinos must report to the KoFIU when the amount of cash paid or received in all transactions conducted under the same name exceeds KRW 10 million in one trading day.

Utilization of CTRs

• The CTR data are used in strategic analysis and as supplementary data for individual STR analysis.
• Comprehensive analysis of both STR and CTR data enhances the effectiveness of information analysis, assisting analysts in understanding the flow of suspicious funds.