Herald Economy reported that the industry recently requested financial authorities to reconsider their decision to expand the 'travel rule' (verification of sender's information when transferring 1 million won or more) obligation to transfers under 1 million won, through an amendment to the Act on Reporting and Using Specified Financial Transaction Information. This is because delayed deposit screening due to user information verification, etc., could lead to losses due to price fluctuations and potentially even hinder the exercise of property rights. The Financial Services Commission (FSC) announced the amendment to the Enforcement Decree of the Specified Financial Transaction Information Act last March and is currently collecting industry opinions until the 11th.
