Shinhan Bank has upgraded its suspicious transaction monitoring system Tuesday.
It said it could automatically monitor high-volume cash transaction, bogus account opening, and other types of money launderings.
So far, each branch has a compliance officer, but from now no, the head office will centralize the monitoring of unauthorized transactions. It said it had increased anti-money laundering staff from 37 to 60.
The bank has conducted a cyber training session so that employees get a new understanding of anti-money laundering operations.
The bank said its anti-money laundering system is on a par with the global standard. It can take swift action against money laundering schemes. It said it would bolster a company-wide compliance culture.
