Coocon builds integrated fraud detection and AML solution for KSNet

Coocon, a business data platform company under Webcash, is stepping up efforts to help merchants build systems for detecting and responding to fraudulent transactions, as financial crimes exploiting payment gateway networks and virtual accounts continue to rise.

The company said July 2 that it had supplied integrated payment services firm KSNet with its non-face-to-face identity verification service "eKYC Plug-In" and its "all-in-one anti-money laundering (AML) package."

With Coocon's solution in place, KSNet can now identify high-risk merchants in advance and, when suspicious transactions occur, carry out a systematic response process covering detection, investigation and follow-up action.

As the Financial Intelligence Unit has tightened its AML oversight, building an integrated internal control framework spanning customer due diligence, suspicious transaction detection and suspicious transaction reporting has become a pressing issue across the electronic finance industry.

Coocon's eKYC Plug-In verifies the identity of business operators and their actual beneficial owners remotely at the merchant onboarding stage. The all-in-one AML package, deployed alongside it, delivers four functions within a single system: customer due diligence (CDD and EDD), sanctions screening (WLF), suspicious transaction detection, and suspicious transaction reporting support.

By consolidating the entire process from customer verification to AML compliance into a single workflow, the solution is expected to improve both the AML response efficiency of electronic finance operators and their overall internal control standards.

Coocon plans to use the KSNet deal as a springboard to aggressively expand its service offerings to sectors that require AML regulatory compliance, including electronic finance operators, payment gateway companies and virtual asset service providers.

"Building an AML framework in the electronic finance sector is no longer optional — it is essential," said Kim Jong-hyun, CEO of Coocon. "Drawing on our regtech capabilities that provide everything from customer verification to suspicious transaction detection in one stop, we will help companies that need regulatory compliance build their internal control systems quickly and efficiently."

Meanwhile, Coocon is also accelerating its data business expansion based on the Model Context Protocol (MCP) in step with the AI agent era. MCP serves as a connective layer that allows large language models (LLMs) to access and use information. It is a kind of standardized communication protocol that unifies the way external data and systems are queried and utilized.

Coocon plans to launch a dedicated "AI data marketplace" section on its platform Coocon.net this month, where it will debut MCP products. Starting with about 30 products, the company aims to expand the lineup to around 100 by the end of this year and roll out the full product range sequentially by next year. Coocon also plans to actively broaden the scope of AI agent applications and link them to its domestic and international payment businesses.