South KoreaFinance and insurance2023 – ongoingShinhan Bank
AI detection of suspicious foreign-currency remittances
Shinhan Bank put an AI foreign-remittance detection process into operation after a pilot
Problem
Unusual foreign remittances included transfers disguised as trade payments. The bank needed to monitor increasingly complex transaction patterns.
Approach
Shinhan developed its own AI model in December 2023. The model analyzed account movements and foreign-exchange activity alongside accumulated remittances. After a pilot beginning in May 2024, the bank put the detection process into operation.
Results
No published figures
Takeaway
The bank reported broader monitoring and faster decisions. It did not disclose detection accuracy or false-positive rates.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
Newsis reported Shinhan Bank's announcement that its AI remittance-monitoring pilot had finished and the process was operating. The bank claimed wider monitoring coverage and faster identification of unusual transfers without publishing performance figures.
Full details are in the original sources.