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CFT Regime

CFT’s link to AML

“Act on Reporting and Using Specified Financial Transaction Information” (FTRA) stipulates that ‘funds for terrorism’ is part of ‘illicit property’ pursuant to the PFOPIA. The same law also states that if there is a reasonable ground to suspect that funds involved in a financial transaction are illicit property, or the counterpart in a transaction is involved in AML/CFT activity, FIs should file a report(STR) to the Commissoner of FIU without delay (FTRA Article 4-1).

Moreover, when an employee of FI finds out that assets involved in the financial transaction is a fund for terrorism or mass-destruction weapon proliferation, or that the counterpart of the transaction is conducting a transaction, including provision or reception or terrorism financing, without permission from FSC pursuant to the PFOPIA Article 4-4, he/she must report the fact to the competent investigative authority, and also to KoFIU(FTRA Article 4-1(3), PFOPIA Article 5-2).


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