The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
Thu, June 30, 2022 | 01:01
Economy
Banks to curb fraudulent accounts
Posted : 2015-01-30 17:16
Updated : 2015-01-30 20:52
Print Preview
Font Size Up
Font Size Down
By Choi Kyong-ae

Korean banks are seeking to close accounts that are being used for financial fraud, the Korea Federation of Banks (KFB) said Tuesday.

"Most financial frauds end with depositing laundered money in such accounts. The perpetrators withdraw money largely from automatic teller machines (ATMs)," Lee Byung-chan, general manager of the Deposit Services and Payment Systems Department at KFB, said.

The financial authorities have been cracking down on these accounts since 2012. Banks are now asking customers to satisfy specific requirements if they want to open up accounts for financial transactions, according to the KFB, the country's banks' lobby.

Starting Wednesday, Korea Exchange Bank (KEB) said Tuesday it is planning to require all customers who open a new bank account at its outlets to declare its purpose. Unlike installment savings accounts, some accounts allow customers to freely deposit or withdraw money at will.

Until now, the bank has asked adolescents, passport-carrying foreigners, and account applicants who have a record of setting up multiple accounts over a short period of time to clarify the purpose of any new account, a KEB spokesman said.

Other commercial banks such as Hana Bank, KB Kookmin Bank, Woori Bank and Shinhan Bank are set to join KEB in efforts to reduce financial crimes.

Those banks are considering asking all customers who open a new account to declare its purpose from February. The Industrial Bank of Korea has already been monitoring accounts of any suspected customers every three months.

The National Agricultural Cooperative Federation (NACF), the farmers-based financial firm was first to take an action last year.

The NACF began its "war against illegal use accounts" in April last year. As a result, the portion of suspected accounts fell to 7.2 percent at the end of 2014 from 21 percent a year earlier, an NACF spokeswoman said.

Meanwhile, the Financial Services Commission said last month the government will strengthen its crackdown on financial frauds using these accounts and ATMs from the first half of 2015.


Emailshosta@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
LG
  • Bodies found in missing family's car in Wando
  • Korea looks to Europe to diversify trade partners as China's growth slows
  • [INTERVIEW] 'Asia-Pacific region has potential to lead global decarbonization sector'
  • How I lost my period after shooting my first 'body profile'
  • Yoon, first lady attend gala dinner hosted by King of Spain
  • Luna collapse causes chaos
  • Inflation expectations in S. Korea hit 10-year high in June
  • South Korea's new COVID-19 cases back up over 10,000 after 20 days
  • Korea's first NATO summit to show expanded global role: experts
  • ASEAN F&B industry eyes sustainable market in Korea
  • [INTERVIEW] With unusual nicknames and backgrounds, MIRAE eyes becoming next big K-pop star [INTERVIEW] With unusual nicknames and backgrounds, MIRAE eyes becoming next big K-pop star
  • [INTERVIEW] Jean-Michel Othoniel's glass garden of enchantment 'is for everybody' [INTERVIEW] Jean-Michel Othoniel's glass garden of enchantment 'is for everybody'
  • Girl group aespa to perform in 'Good Morning America' 2022 Summer Concert Series Girl group aespa to perform in 'Good Morning America' 2022 Summer Concert Series
  • Park Hae-il 'honored' to play war hero Admiral Yi Sun-sin in 'Hansan' Park Hae-il 'honored' to play war hero Admiral Yi Sun-sin in 'Hansan'
  • BTS' J-Hope to prerelease 'More' Friday BTS' J-Hope to prerelease 'More' Friday
DARKROOM
  • Afghanistan earthquake killed more than 1,000 [PHOTOS]

    Afghanistan earthquake killed more than 1,000 [PHOTOS]

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group