South Korea Shinhan Bank to step up monitoring of crypto accounts

Posted 01 July, 2019

The top-2 bank in South Korea – Shinhan Bank – is reportedly going to tighten cryptocurrency accounts monitoring.

According to the local media reports, the bank management plans to take specific steps for that purpose. These measures will include the creation of special staff that will analyze incoming and outcoming transactions at the cryptocurrency accounts. 

There are rumours that the bank intends to steer clear from the suppositions that it can be involved in any type of illegal financial activities. Additional driver for this policy was increasing number of fraud cases connected with cryptocurrency trading platforms.

Moreover, the management of Shinhan Bank also plans to launch a deep learning AI system later in July. The system is believed to provide faster and more accurate control and identification of possible fraud transactions.

As the bank spokesperson said, the bank has a complete plan to put an end of telecommunication and financial fraud operations, adding that the measures to secure clients will be taken non-stop.

Notably, South Korea is a member of the Financial Action Task Force. It was reported earlier that the G20 members officially expressed intentions to use the final guideline from FATF regarding crypto sector regulation.

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