Shinhan Bank Establishes Overseas Remittance Limit Amid Concerns Over Cryptocurrency Money Laundering

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] As illegal foreign exchange transactions related to virtual currency have surged, banks are gradually reducing overseas remittance limits.

According to the financial sector on the 27th, Shinhan Bank will allow foreigners and non-residents to send up to a maximum of $10,000 per month overseas through non-face-to-face channels such as internet banking without submitting supporting documents starting from the 28th.

If the cumulative monthly remittance amount is below $10,000, remittance can be made without submitting separate documents. However, if it exceeds $10,000, the sender must submit income verification and other documents at the head office or branch and confirm that the money is their own before remittance is possible.

Shinhan Bank stated, "This is to prevent customer damage such as violations of foreign exchange transaction regulations, money laundering, fraudulent fundraising, multi-level marketing scams, and overseas transfer of funds obtained through voice phishing," but it is interpreted as a measure to curb the recently surged 'coin 환치기'.

Woori Bank also established a monthly limit of $10,000 for the 'UnionPay Quick Remittance Direct Overseas Remittance' service, which allows non-face-to-face remittance to China, for the same reason on the 19th.

This content was produced with the assistance of AI translation services.