Shinhan Bank, a leading commercial bank in South Korea, has announced that it is placing stricter controls over accounts found to be linked to cryptocurrency exchanges, in an apparent effort to distance itself from crypto businesses.

Shinhan Addresses Money-Laundering, Fraud Concerns

According to Cointelegraph, Shinhan has proposed stricter measures dedicated to seeking out accounts that have been linked to crypto activities by assigning its staff to monitor transactions for these accounts.

Experts in the financial sector have speculated that the bank is carrying out this initiative in order to address external allegations that it is assisting criminals in financing illegal activities, as well as to reduce cases of fraud related to exchanges.

Reports have also emerged that the bank will introduce a platform using artificial intelligence to monitor transactions, employing deep learning technology to catch suspicious or fraudulent activities with greater accuracy.

Combating Hacks and Fraud in the Cryptosphere

A spokesperson from Shinhan Bank has said that the bank has its customers’ interest at heart and will use these measures to ensure safer transactions.

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

The move comes amid reports of several exchanges being hacked, including the country’s own Bithumb. An attack on the exchange’s hot wallet in March 2019 led to the loss of over three million EOS or about US$17.5 million.

Source: https://cointelegraph.com

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