Korea’s four biggest cryptocurrency exchanges are teaming up against money laundering.

In a recent press release, Bithumb, Coinone, Korbit and Upbit announced a joint initiative to bolster anti-money laundering (AML) efforts and foster a healthier trading environment.

The initiative calls for establishing a hotline dedicated to AML issues. Connecting the four exchanges respective teams responsible for user protection and fraud detection, the hotline will let the exchanges share – in real time – wallet information involving trades with suspected connections to illegal activities such as voice phishing, predatory lending and pyramid schemes.

The exchanges will also create a collective database of suspicious wallet addresses. This will help the exchanges prevent scammers from using multiple exchanges to disperse a large quantity of assets to the same wallet.

The four exchanges already have strong relationships with traditional financial institutions because they have experience in operating authenticated virtual accounts.

During a public debate on crypto exchange design on December, the four exchanges were among the seven that agreed to form a close association to prevent criminal activity and protect investors (link in Korean) by strengthening monitoring of suspicious trades, sharing information on criminal activity and bolstering “know your customer” measures.

The four were also among the seven that completely cleared a recent government security audit. But lest that go to anyone’s head, recently released global rankings of exchange security (like this one and this one) have not been especially kind to Korean exchanges.

Other Korean Crypto News:

(By Park Ga-young and Kim Young-won, The Investor)

(By Gerald Fenech, Forbes)

(By Emma Thompson, Coin Rivet)

(By Tim Alper, Cryptonews)

(By Tokenpost)

(Park Hyong-ki, Korea Times)

(By Josiah Wilmoth, CCN)

(By Bhushan Akolkar, Coinspeaker)