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South Korea's Shinhan Bank to impose strict rules on cryptocurrency-related accounts

Image Credit: Vuong Tri Binh [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]

Tue, 02 Jul 2019, 03:26 am UTC

South Korea’s Shinhan Bank is planning to impose tougher regulations on accounts linked to cryptocurrency, Cointelegraph reported citing Korean news outlet BEI News.

The oldest bank in the country will reportedly take “special measures” and assign dedicated staff to analyze the accounts of exchanges and inspect transactions.

As per the report, the bank aims to dissociate itself from alleges that it is aiding criminals commit financial misconducts, as there are concerns about a strong increase in the number of fraud cases involving cryptocurrencies.

We have set up a comprehensive plan for the elimination of telecommunication and financial fraud,” a spokesperson from Shinhan Bank said, as translated by Cointelegraph. “We will continue to implement preventive measures so that customers will not be harmed in the future.

In addition, Shinhan Bank also purportedly plans to shift and establish an artificial intelligence monitoring system that will use deep learning to analyze and detect illicit transactions accurately and quickly later this month.

The news follows after the South Korean government on May said that it will keep a tight watch on the cryptocurrency market after Bitcoin price’s fresh break above 10 million won (~$8,400).

Meanwhile, Shinhan Bank has also previously unveiled its plan to use blockchain to hasten loan processes by verifying loan application and documents without face-to-face interaction.

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