Dynamics Finance：On-site inspection of large banks on abnormal foreign exchange transactions related to crypto assets

According to Dmfnclcd, the Korean Financial Supervisory Authority has conducted an on-site inspection of the foreign exchange transactions of NH Nonghyup Bank. After Youli and Shinhan Bank, the reason why NH Agricultural Association Bank was inspected is said to be due to the discovery of foreign exchange remittance transactions suspected of being related to the crypto asset exchange.

Dmfnclcd explained that although the Korean Financial Supervisory Authority has not officially announced this, it is said that the foreign exchange transaction volume of NH Agricultural Association Bank is hundreds of billion won. Regulators will also inspect other banks. The relevant person in charge of the Financial Supervisory Authority said that from this week, large banks will be mainly inspected.

Previously, the South Korean Financial Supervisory Authority ordered all banks to conduct self-examination of abnormal foreign exchange transactions, and announced that bank self-examination found that abnormal overseas remittances made by crypto exchanges amounted to $3.37 billion. South Korean prosecutors also arrested three suspects in related abnormal foreign exchange transactions this month, involving more than 3 million. Billions of dollars, Dmfnclcd further reported.

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