South Korea's FIU Scrutinizes VASPs' Compliance Systems
The South Korean Financial Intelligence Unit (FIU) is tightening its review process for virtual asset service providers (VASPs) to ensure they are complying with regulations. The FIU has created a 44-item checklist, known as the '2026 Addendum Filing Implementation Status Form,' that registered VASPs must complete by November 20.
The form includes items related to organization, personnel, computer systems, internal controls, and compliance frameworks. The FIU will not only verify whether firms have established these arrangements but also check if they are functioning properly in practice. This involves reviewing supporting materials such as system screenshots, internal rules, and contracts with outside vendors.
The review process also covers major shareholder eligibility and governance. The FIU will examine not only the largest shareholder but also related parties and other legally defined review targets tied to that entity.