Per Woofun AI, South Korea's Financial Intelligence Unit (FIU) advanced a proposal at the FATF plenary meeting in Paris to broaden the scope of Travel Rule reporting requirements for crypto asset transfers. The initiative seeks to extend these compliance obligations to transactions smaller than the current 1 million Korean won threshold, ensuring that crypto asset service providers on both the sending and receiving ends adhere to stricter anti-money laundering standards.

The FIU concurrently called for intensified regulatory enforcement against offshore and unregistered crypto platforms to mitigate illicit financial flows.

Meanwhile, the FATF endorsed a new report detailing risks associated with decentralized finance and resumed deliberations on the implementation of Recommendation 15, which was last updated in 2019.