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Digital Identity, Security & Online Fraud

Bithumb opens ML prevention center for AML fight

Wednesday 26 June 2019 | 01:40 PM CET

Bithumb has announced it is opening a money laundering prevention center in South Korea, as per a report from Korea Joongang Daily.

Through this initiative, Bithumb will be the first and only crypto exchange platform in the world to take concrete AML measures. The company’s money laundering prevention center is set to be operational in the course of July 2019. The center is set to house a team of at least 30 cybersecurity experts, and their aim will be to ensure that Bithumb users comply with AML standards, such as adhering with KYC requirements.

The Bithumb AML team will use the fraud detection system (FDS) that will be generating suspicious transaction reports (STR). Also, the AML team will mediate conflicts and solve any fraud-related accidents. The goal of launching the center is to build a transparent system for all users, as well as to strengthen AML strategies around the world.

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