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 the Act's regulatory scope, and delivered comprehensive legal advice tailored to the client’s needs.

Visit our website to read more about Review of AML Obligations for Payment Gateways