Value context and insight. lkm@koreatimes.co.kr
Compliance expert to strengthen internal control at Bithumb
An electronic board shows the price of bitcoin at Bithumb headquarters in Seoul, July 6. Korea Times file
By Lee Kyung-min
By Lee Kyung-min
Bithumb, a virtual asset exchange, has appointed Lee Yoo-jung as compliance monitoring officer, it said, Thursday.
Lee has over 20 years of experience in compliance monitoring at global financial firms including Goldman Sachs and Nomura Financial Investment. Lee's previous work led to the establishment of corporate culture whereby internal controls were strengthened, Bithumb added.
Lee has more than 10 years of experience in anti-money laundering and customer verification, a reason why the cryptocurrency operator considers her criteria would significantly help management in compliance monitoring.
She graduated from Korea University with a specialization in business before beginning her professional career at the state-run Export-Import Bank of Korea in 1995. She was in charge of money laundering prevention and internal control at the Seoul branch of Nomura Holdings in 2006. She had a similar role at Goldman Sachs in 2010.
Bithumb said it expects Lee to focus on strengthening the internal control system of the exchange including internal and external inspection and investigation activities. Prevention of money laundering will be another priority.
“Bithumb will continue to bolster the transparency and reliability of the virtual asset industry by establishing an anti-money laundering system and strengthening internal control systems comparable to the financial industry,” a Bithumb official said. Bithumb is the first cryptocurrency exchange in Korea to set up an anti-money laundering system.