South Korea’s FSS investigates six payment firms over illegal gambling links
South Korea’s Financial Supervisory Service said six payment gateway firms are suspected of providing accounts to criminal groups involved in illegal gambling, fraud and drug-related activity. The regulator referred some cases to prosecutors, warned of possible prison terms of up to 30 years and said it would propose legislative changes and strengthen monitoring and inspections.
The enforcement action and proposed oversight changes raise compliance risks for payment providers handling gambling-related transactions in South Korea.