South Korea's Financial Supervisory Service (FSS), Customs Service… — Banana Encryption

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South Korea's Financial Supervisory Service (FSS), Customs Service, Credit Finance Association, and nine credit card companies have signed a "Public-Private Partnership Agreement to Block Transnational Criminal Funds." This agreement aims to cut off the funding chains for telephone scams and virtual asset crimes by analyzing overseas credit card usage details and immigration records. Under the new mechanism, the Customs Service will provide information on high-risk transactions, and the FSS will develop guidelines authorizing credit card companies to suspend transactions upon detecting anomalies. The system focuses on combating "currency exchange" activities involving using overseas credit cards to withdraw cash from ATMs abroad and laundering money through cryptocurrency.🙊🙊🙊

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