Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated
On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: \”According to the Special financial law, we are conductin
On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.
Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated
I. Introduction
A. Brief on Kakao Bank’s statement on Coinone
B. Purpose of the article
II. Background information
A. What is Coinone?
B. What is Kakao Bank?
C. The Special financial law
III. Due diligence and data requests by Kakao Bank
A. What is due diligence?
B. How does Kakao Bank conduct it?
C. Relationship between due diligence and anti-money laundering (AML) obligations
IV. Contract termination and AML obligations
A. Kakao Bank’s anti money laundering obligations
B. Possible contract termination with Coinone
C. Reason for termination if illegal criminal acts occur
V. Alleged bribery of the Puriever (PURE) token
A. What is the Puriever (PURE) token?
B. Coinone’s alleged bribery of the Puriever (PURE) token
C. Motive behind the “Jiangnan murder case”
VI. Conclusion
A. Summary of key points
B. Significance of Kakao Bank’s statement
# On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.
Introduction
Kakao Bank’s recent statement regarding Coinone’s alleged bribery of the Puriever (PURE) token has attracted attention in the cryptocurrency world. This article aims to provide an in-depth analysis of Kakao Bank’s statement and its significance.
Background information
What is Coinone?
Coinone is a Korean Cryptographic Exchange that allows users to buy, sell, and store cryptocurrencies such as Bitcoin and Ethereum. It was founded in 2014 and is currently one of the largest Cryptographic Exchanges in South Korea.
What is Kakao Bank?
Kakao Bank is a South Korean online bank that was launched in 2017. It is a subsidiary of Kakao Corp, which is known for its messaging app KakaoTalk. Kakao Bank provides various financial services, including deposit and loan services.
The Special financial law
The Special financial law is a Korean law that aims to prevent money laundering and terrorist financing. It requires financial institutions to conduct due diligence and report suspicious transactions to the relevant authorities.
Due diligence and data requests by Kakao Bank
What is due diligence?
Due diligence is the process of investigating a business or individual before entering into a business relationship. It is designed to identify any potential risks or red flags.
How does Kakao Bank conduct it?
Kakao Bank conducts due diligence on Cryptographic Exchanges as required by the Special financial law. This includes collecting information on the exchanges’ ownership, management, and operation.
Relationship between due diligence and anti-money laundering (AML) obligations
Due diligence is an important part of AML obligations. AML is the process of preventing, detecting, and reporting money laundering activities. Financial institutions like Kakao Bank are required to establish and implement AML policies and procedures, which include conducting due diligence on their customers and business partners.
Contract termination and AML obligations
Kakao Bank’s anti money laundering obligations
Kakao Bank has faithfully fulfilled its AML obligations, as it is required to do under the Special financial law. This includes conducting due diligence on Cryptographic Exchanges like Coinone.
Possible contract termination with Coinone
Kakao Bank’s statement suggests that it may terminate its contract with Coinone if illegal criminal acts occur. This includes any activities that violate AML regulations.
Reason for termination if illegal criminal acts occur
Coinone is alleged to have engaged in bribery of the Puriever (PURE) token. If this is proven to be true, it would constitute a violation of AML regulations, and Kakao Bank would be within its rights to terminate its contract with Coinone.
Alleged bribery of the Puriever (PURE) token
What is the Puriever (PURE) token?
The Puriever (PURE) token is a cryptocurrency that was created by PureBit, a Korean company. The company claimed that it would use the funds raised through the sale of the token to develop games and other applications.
Coinone’s alleged bribery of the Puriever (PURE) token
Coinone is alleged to have engaged in bribery of the Puriever (PURE) token by listing the token on its exchange. This would have benefited PureBit, which had claimed that it had no funds to develop the promised applications.
Motive behind the “Jiangnan murder case”
The “Jiangnan murder case” refers to the death of a South Korean businessman in China. The businessman had invested in cryptocurrencies, including the Puriever (PURE) token. He had reportedly invested millions of dollars in the token, but it had since become worthless. It is speculated that the motive behind his murder was revenge for his involvement in the Puriever (PURE) token.
Conclusion
Kakao Bank’s statement is significant as it highlights the importance of due diligence and AML obligations in the cryptocurrency world. It also demonstrates Kakao Bank’s commitment to upholding these obligations. The alleged bribery of the Puriever (PURE) token by Coinone is a stark reminder of the risks involved in investing in Cryptographic Exchanges. Investors must exercise caution and conduct thorough research before investing in any cryptocurrency.
FAQs
1. What is due diligence?
Due diligence is the process of investigating a business or individual before entering into a business relationship. It is designed to identify any potential risks or red flags.
2. What is AML?
AML stands for anti-money laundering. It is the process of preventing, detecting, and reporting money laundering activities. Financial institutions like Kakao Bank are required to establish and implement AML policies and procedures, which include conducting due diligence on their customers and business partners.
3. What is the Special financial law?
The Special financial law is a Korean law that aims to prevent money laundering and terrorist financing. It requires financial institutions to conduct due diligence and report suspicious transactions to the relevant authorities.
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