PANews reported on December 31 that, according to the Korea Financial Intelligence Unit (FIU), virtual asset service provider Korbit has been warned and fined 2.73 billion won (approximately US$2.08 million) for violating the Specific Financial Information Act. The company's representative and those responsible for reporting violations have also received warnings and disciplinary action. The violations included approximately 22,000 breaches of customer due diligence and transaction restriction obligations, as well as 19 transactions with unregistered overseas VASPs. The FIU emphasized that it will continue to strengthen AML compliance oversight.