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[Press] Korfin Holdings Accelerates Introducing the AML System and ISMS Certification for the Amended Act

Cooperating with Legal Groups for Secured Business Operation of Virtual Asset

To meet the requirements of the amended Act on Reporting and Using Specified Financial Transaction Information which took effect in March this year, Korfin Holdings, the IT company specializing in blockchain-based platform, signed contract with OctaSolution and Piolink respectively in February. While OctaSolution is a company specialized in developing AML solutions, Piolink is a company providing ISMS Certification testing. Korfin Holdings is reportedly receiving related consultation from both companies.

According to the amendment to the Act on Reporting and Using Specified Financial Transaction Information which is enforced on March 25, 2021, all the virtual asset service providers (VASPs) are required to fulfill the following requirements such as acquiring Information Security Management System (ISMS) certificate, adopting customer confirmation (KYC), establishing expanded Anti-Money Laundering (AML) system and adopting real-name accounts for qualifying the application.

Korfin Holdings, the foundation issued the virtual asset ASTA, has officially launched THE ASTA, the blockchain-based platform combined with cryptocurrency payment system in November of last year. The platform first launched as a hotel & resort reservation platform, then has continuously expanded its services to car rental and mobile voucher. The products of the previously held promotions were sold out immediately after launching which has proved THE ASTA a payment solution that can be used in everyday life.

The details of AML/RBA consulting related to the virtual asset service provider (Wallet) reporting includes the amended Act, the Enforcement Decree of the amended Act, educations on business regulations and supervision regulations, internal and external reporting systems related to internal control, and business regulations consulting. In additions, Korfin Holdings is preparing to the I/F development support for linking the ASTA Wallet KYC data with the AML solution and ASTA Wallet will support non-face-to-face customer identification.

Korfin Holdings is committed to preventing crimes such as money laundering, fraud and illegal cryptocurrency-related fundraising using virtual currency (virtual assets) and is managing operational risks by collaborating with 3 law firms from external legal groups.

An official from Korfin Holdings stated that being the user-centered platform based on blockchain technology, the company and all the staff members would comply with regulations and reduce any legal risks.

Korean articles:

About ASTA Platform
A blockchain-based platform integrated with crypto payment system provides hotel&resort accommodations, tour packages, mobile vouchers of various brands while offers exclusive discount when paying with ASTA.

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