{"id":777042423,"date":"2026-05-20T09:24:45","date_gmt":"2026-05-20T12:24:45","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777042423"},"modified":"2026-05-20T09:25:35","modified_gmt":"2026-05-20T12:25:35","slug":"reforms-in-south-korea-aim-to-fast-track-freezing-of-accounts-linked-to-illegal-gambling","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/reforms-in-south-korea-aim-to-fast-track-freezing-of-accounts-linked-to-illegal-gambling","title":{"rendered":"Reforms in South Korea aim to fast-track freezing of accounts linked to illegal gambling"},"content":{"rendered":"\n

Financial authorities plan to propose a system for gambling-related accounts to be suspended more quickly.<\/p>\n\n\n\n\n\n\n\n

South Korea.- The Financial Intelligence Unit (FIU) is revising the Act on Reporting and Using Specified Financial Transaction Information. According to reports, one of the goals of the reform is to create a new system that would allow authorities to quickly suspend accounts suspected of being used for illegal gambling, as well as other crimes such as narcotics trafficking and terrorism financing.<\/p>\n\n\n\n

At present, financial accounts can generally only be frozen through a court order, a process authorities say can slow down investigations and allow criminal activity to continue. Under the proposed changes, the FIU would be able to directly suspend suspicious accounts following requests from investigative agencies.<\/p>\n\n\n\n

The amendment is expected to be submitted to the National Assembly in September after internal discussions conclude during the first half of the year.<\/p>\n\n\n\n

The FIU is also consulting with the cryptocurrency sector over amendments to the enforcement decree of the same law, which is set to take effect on August 20. Representatives from the country\u2019s major crypto exchanges and the Digital Asset eXchange Alliance (DAXA) recently met with FIU officials to discuss the changes.<\/p>\n\n\n\n

The regulator has also updated its suspicious transaction guidelines to better detect modern money laundering methods tied to illegal gambling and transnational crime networks.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> HKJC chief warns of growing illegal gambling risk in Hong Kong<\/a>\n\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Financial authorities plan to propose a system for gambling-related accounts to be suspended more quickly.<\/p>\n","protected":false},"author":680,"featured_media":14536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Korea's Financial Intelligence Unit (FIU) is proposing legislative revisions to enable the rapid suspension of financial accounts suspected of involvement in illegal gambling, narcotics trafficking, and terrorism financing, bypassing the current court order requirement. This amendment, expected to reach the National Assembly in September, aims to significantly expedite investigations and enhance financial crime prevention. Concurrently, the FIU is consulting with the cryptocurrency sector on related enforcement decree changes and has updated its suspicious transaction guidelines to address modern money laundering methods.","focusai_entities":"Financial Intelligence Unit (FIU), National Assembly, Digital Asset eXchange Alliance (DAXA)","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.8), tech_data (0.7), payments_fraud_aml (1.0), investor_analyst (0.8), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact on Crypto Sector?","query":"How will the proposed amendments to the enforcement decree, particularly regarding the cryptocurrency sector, alter compliance obligations and operational procedures for digital asset exchanges in South Korea?"},{"label":"Regulatory Enforcement Scope?","query":"What specific criteria will investigative agencies use to request account suspensions, and what governance frameworks will ensure due process and prevent overreach under the FIU's expanded powers?"}],"footnotes":""},"categories":[16338,154],"tags":[24823,24634,152],"class_list":["post-777042423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legislation-news","tag-bank-accounts","tag-illegal-online-gambling","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777042423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/680"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777042423"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777042423\/revisions"}],"predecessor-version":[{"id":777042438,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777042423\/revisions\/777042438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14536"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777042423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777042423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777042423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}