10 July 2017, 15:22 GMT
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.
