INEX, a virtual asset exchange, has completed the advancement of its anti-money laundering (AML) system.

– Expected to enter the 6th Korean Won exchange in Korea

INEX, a virtual asset exchange, announced on the 3rd that it has completed the advancement of its anti-money laundering (AML) system and met the key requirements for securing real-name bank accounts.

As the first exchange to receive Virtual Asset Service Provider (VASP) approval since the enactment of the Specific Financial Information Act (Special Financial Information Act), InX has proactively established a security and regulatory framework at par with institutional standards. This enhancement is a measure to address increasingly complex money laundering risks and to establish a financial sector-level AML system that complies with the financial authorities' strengthened regulations on virtual asset service providers.

This project was conducted through the advice of Able Consulting, a specialized anti-money laundering consulting firm, and the technical cooperation of GTOne, a compliance solution company. In February, INX signed a consulting contract with Able Consulting and identified improvement tasks over a period of approximately three months. Based on this, INX implemented a company-wide project for a total of five months to ▲revise the Customer Risk Assessment (RA), ▲improve the Know Your Customer (KYC) and Suspicious Transaction Reporting (STR) procedures, ▲establish a watch list filtering system linked to the database, and ▲introduce a risk-based approach (RBA) system, thereby enhancing the overall AML system.

With this upgrade, Inex has met the management standards for securing real-name bank accounts, raising expectations for its entry into the Korean Won exchange market. At the same time, by strengthening its AML control system and internal policies, it has established the foundation necessary for financial authorities' due diligence and compliance with legal requirements. The details of this upgrade were reported to the Financial Supervisory Service on October 20th.

An official from the Inex AML Center stated, “Through this advancement, the accuracy of KYC verification and the STR reporting system have been further strengthened, and a foundation has been established to respond nimbly to rapidly changing money laundering techniques.”

Lee Jae-kang, CEO of Inex, said, “An anti-money laundering system goes beyond simple regulatory response and is the foundation of trustworthy financial services,” and added, “Now that we have established an AML system that meets global standards, we will expand our business to encompass the entire digital financial infrastructure, including payments and custody.”