Shinhan Bank Doubles Down on Monitoring Crypto-related Accounts

Wilfred Michael 

Wilfred Michael

News reporter

01 July 2019,
15:49
Shinhan Bank Doubles Down on Monitoring Crypto-related Accounts

Shinhan Bank, one of the largest financial institutions in South Korea, has revealed it will increase efforts to monitor the account of customers whose transaction records show a link to the use of cryptocurrencies.

The latest development first reported by Cointelegraph, quoting local news agency, BEI News would involve the introduction of ‘special measures’ as well as dedicated staff to analyze these transactions which customers perform with their bank accounts linked to crypto exchanges.

Shinhan Bank believes that by implementing these supposed ‘special measures,’ it can distance itself from any accusations related to helping criminals hide their illegal gains.

Also, in this regards, the bank would next month release an artificial intelligence based monitoring system that would more quickly and accurately identify fraudulent transactions trying to go through its network.

A spokesperson for the bank also spoke about a comprehensive plan laid out by Shinhan Bank, telling the news source,

"We have set up a comprehensive plan for the elimination of telecommunication and financial fraud... We will continue to implement preventive measures so that customers will not be harmed in the future."

Interesting, Shinhan Bank’s decision to monitor crypto-related transactions going through its system coincides with a time when the highly-rated financial institution is exploring blockchain technology.

Last month, Stmarket.co reported that the bank adopted blockchain technology for its new loan verification process, alluding to the fact that the traditional method is no longer efficient.

The newly introduced loan platform purportedly allows for real-time settlements and more accurate storage of client data.

 

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