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S Korea Obliges Fintech Firms to Follow G20 Agreement to Tackle Terror Financing

© Sputnik / Alexandr Kryazhev / Go to the photo bankView of downtown Seoul.
View of downtown Seoul. - Sputnik International
South Korean financial regulator on Thursday ordered national fintech companies to implement measures to tackle terrorism financing in line with arrangements reached at the G20 summit in Hamburg, local media reported.

Euro banknotes - Sputnik International
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MOSCOW (Sputnik) — About 40 South Korean fintech companies will be required to check customer information and purposes of transactions abroad as well as to launch international money transfer services for small funds on August 15, the Yonhap news agency said.

If there is a suspicion that money transfers are used for money laundering or terrorist financing, companies must inform the authorities about their customers, the media outlet added.

Transfers via fintech firms will be limited to $3,000 for a one-off transfer, and to $20,000 for annual transfers.

On July 7-8, Hamburg hosted the summit of the G20 group, and the fight against terrorism was one of the key issues on the agenda. Following the two-day event, the G20 leaders issued a joint statement condemning terrorism funding and calling for redoubled efforts to tackle the financing of extremist groups.

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