Bidax Bolsters Compliance-First Principle, Conducts Companywide AML Training
TECHWORLD ·
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Bidax said it conducted anti-money laundering (AML) training for all employees.
The training covered the basic concepts of the AML regime, domestic and overseas regulatory trends, major money laundering risk cases in the digital asset industry, and AML practices such as the customer due diligence (KYC) system and the suspicious transaction report (STR) system.
Bidax said it will strengthen internal controls and its system for protecting customer assets through regular training, semiannual AML online training, and in-house group training.
As the regulatory environment surrounding VASPs continues to tighten, including the revised enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, and as the digital asset industry advances toward becoming part of the institutional financial system, building an anti-money laundering framework and improving employees' AML understanding are emerging as key tasks across the industry.
In line with this trend, Bidax has conducted anti-money laundering (AML, Anti-Money Laundering) training for all employees and is also working to strengthen internal control capabilities and the company’s system for protecting customer assets. Bidax views AML training not merely as a matter of regulatory compliance, but as an essential effort to strengthen capabilities needed to prevent financial crimes and protect customer assets.
Bidax is pursuing regular AML training while also conducting semiannual online AML training and assessments for all employees. Bidax employees have completed the relevant AML training, and the company has also put in place an in-house group training program linked to the online AML courses.
In addition, Bidax is pursuing the advancement of its internal control system, the establishment of an AML culture, and the strengthening of practical capabilities.
Bidax said it conducted training on the AML team’s "Anti-Money Laundering (AML) system and cases." The session covered the basic concepts of the AML regime, domestic and overseas regulatory trends, and major money laundering risk cases in the digital asset industry. It also included AML practices across the board, such as the customer due diligence (KYC) system and the suspicious transaction report (STR) system.
Bidax said the purpose of the training is to improve understanding of the AML regime and strengthen the organization’s overall compliance capabilities. The company also said it aims, through regular training, to secure employees’ ability to prevent operational risks and raise awareness, while enhancing the effectiveness of internal controls as a VASP and spreading a companywide culture of compliance management. Through this, it also set out a goal of preemptively blocking potential risk factors related to customer asset protection.
Bidax CEO Ryu Hong-yeol said the company takes regulatory compliance as its top principle in all businesses. He added that the starting point of trust in the digital asset market is strong internal controls and a thorough anti-money laundering framework. He also said the company is continuing to invest in ongoing training and in upgrading its compliance system so that all employees understand the importance of AML and can apply it in practice.
The speaker also outlined the company’s direction for future responses and its role, saying it plans to proactively respond to future policy directions from financial authorities and to changes in the global regulatory environment, while also fulfilling its responsibility as a digital asset infrastructure company that secures the trust of customers and the market.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407247
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Source: TECHWORLD
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