Review of AML Obligations for Payment Gateways

Payment gateway providers (PGs) are subject to Anti-Money Laundering (AML) obligations, including Customer Due Diligence (CDD), under the Act on Reporting and Using Specified Financial Transaction Information. While planning and evaluating a new business structure involving a PG, our client received a request from the PG to fulfill AML-related obligations for all users. However, the client deemed the requested scope excessive and sought legal advice.

Leveraging our expertise in fintech and electronic finance, Cha & Kwon law offices thoroughly analyzed the client’s new business structure, clarified Act’s regulatory scope, and delivered comprehensive legal advice tailored to the client’s needs.

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