Article 8 of the Act on Prevention of Transfer of Criminal Proceeds (“APTCP“) requires specified business operators (excluding lawyers) to report suspicious transactions to competent authorities when they have identified suspicious transactions stemming from criminal proceeds or customers, etc. who are conducting ML in transactions related to specified business. According to the “Annual Report on Prevention of Transfer of Criminal Proceeds (2021)” published by the National Police Agency, the number of suspicious transaction reports has exceeded 400,000 for six consecutive years since 2016, and reached 530,150 in 2021. In the data, the banks accounted for 390,381 cases, 73.6% of all reports, a much larger proportion than Money Lending Business Operators (35,442 cases, or 6.7%) and Credit Card Operators (34,904 cases, or 6.6%).
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