Mandatory KYC verification may contradict privacy laws in South Korea

Cointelegraph

Published Sep 24, 2020 08:01PM ET

Updated Sep 24, 2020 09:40PM ET

With the South Korean government preparing to implement know-your-customer (KYC) and anti-money laundering (AML) compliance processes, there is confusion among legal experts as to whether the requirements contradict other laws.

According to Digital Today, the new requirements would contravene the existing Personal Information Protection Act, which stipulates that local companies cannot legally request social security numbers.

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