South Korean Shinhan Bank to tighten cryptocurrency transaction tracking

The second largest bank in South Korea, Shinhan Bank, will redouble its efforts to track cryptocurrency traders’ accounts.

It is reported that the bank plans to increase the number of employees controlling such accounts, as well as continue to develop systems related to fraud detection and transaction monitoring.

In addition, Shinhan Bank will work on the creation of artificial intelligence systems to detect suspicious activity. The ultimate goal of the bank is a complete ban on anonymous cryptocurrency transactions in the country.

Note that cryptocurrency transactions are not prohibited in South Korea, but since the autumn of last year, banks have taken measures to limit the service of traders who have not verified their identity.

Early last year, the government banned anonymous cryptocurrency trading. At the same time, the South Korean authorities decided to track suspicious transactions to combat money laundering, while foreigners were forbidden to open accounts for cryptocurrency trading.

Last month, the International Financial Action Task Force on Money Laundering (FATF) issued recommendations that oblige cryptocurrency exchanges to share customer information. It is likely that South Korea will adhere to the recommendations of the FATF, which received G20 support.