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. Last summer, the exchange lost a mix of 11 cryptocurrencies, worth $17 million, mainly comprising of Ether (ETH) and Bitcoin (BTC). The bank has also introduced new rules for the use of digital currencies in its ATMs as part of efforts to prevent money laundering and terrorist financing.
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 bank has also introduced new rules for the use of digital currencies in its ATMs as part of efforts to prevent money laundering and terrorist financing.