Hana Bank Introduces Korea's First 'Trade-Based Suspicious Transaction' Prevention System in Domestic Banking Sector

[Asia Economy Reporter Kiho Sung] Hana Bank announced on the 23rd that it will implement the 'Trade Watch System' to proactively respond to the rapidly changing and expanding 'Trade-Based Money Laundering (TBML)'.

TBML refers to abnormal or suspicious transactions such as sanction risk transactions based on trade transactions, fraudulent transactions disguised as trade, and trade extortion transactions. The Trade Watch System is the first automated trade risk management system developed in the domestic banking sector. It is an intelligent system that independently developed inspection items and methods including ▲transport-related vessels ▲transport routes ▲usage of trade goods ▲trade counterparties and related parties to prepare for various risks arising from export-import core operations.

Through this, Hana Bank has established a customized early warning system based on the latest domestic and international trade transaction data, actively responding to the growing international sanction risks and creating institutional measures to protect consumers from illegal fraudulent transactions.

A Hana Bank foreign exchange product section official said, “Through the development of the Trade Watch System, we have been able to protect customers from risks related to trade transactions,” and added, “We will strive to provide convenience in customers’ export-import transactions through continuous system advancement based on accumulated trade transaction data.”