South Korean Shinhan Bank Tightens Nooze On Accounts Linked To Cryptos July 1, 2019 July 1, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY Shinhan Bank, one of South Korea’s renowned banks, intends to toughen rules related to accounts that are associated with cryptocurrency exchanges. The bank aims to employ specially trained staff to analyze transactions related to such crypto related accounts under ‘special measures.’ By opting for such tough measures, Shinhan Bank hopes to prove that it is not aiding financial criminals in any manner as there are concerns about a strong rise in number of forgeries involving cryptocurrency exchanges. Later this month, the bank hopes to incorporate an artificial intelligence based monitoring system that employs deep learning to pinpoint illegal trades quickly and precisely. Shinhan Bank’s spokesperson had the following to say regarding the plan to wipe out financial fraud: “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.” The tightening of rules has happened because several South Korean exchanges have fallen victim to hacking in recent past, including Bithumb which lost over three million EOS, worth roughly $17.60 million, from a hot wallet. Last summer, the exchange lost a mix of 11 cryptocurrencies, worth $17 million, mainly comprising of Ether (ETH) and Bitcoin (BTC).
South Korea's Shinhan Bank is introducing measures aimed at clamping down on fraudulent behaviour involving accounts linked to cryptocurrencies. In a statement, Shinhan said dedicated employees will scrutinise suspicious transactions, ahead of plans to deploy an AI-based monitoring system to quickly and accurately identify illegal trades. The crackdown follows several attacks on the country's crypto exchanges, with Bithumb alone suffering losses of around $30m.