South Korea

Jurisdiction details & requirements


Korean Financial Intelligence Unit (KoFIU)


De minimus threshold

KRW 1m (USD900) to KRW 3m (USD2,700) depending on the type of transfer

Travel Rule enactment date


Unhosted wallets

No requirements for transfers to and from non-custodial or self-hosted wallets

VASP licensing & registration requirements

VASPs are required to register with KoFIU and comply with AML obligations such as filing reports on suspicious transactions and verifying the identity of their customers. Deadline for domestic and international VASPs to register: 2021-Sep-24.

VASP reporting obligations

All outbound remittances in an amount exceeding US$3,000 per transaction or a yearly aggregate limit of US$50,000 must be reported to and approved by the Bank of Korea (BOK).

VASP equivalent term


Travel Rule applies to


PII data requirements