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Fintech

Woori Bank builds next-generation FDS, launches AI-based financial fraud monitoring

Woori Bank is building a next-generation Fraud Detection System that combines generative AI with telecommunications and transaction data to shift its response from post-incident relief to pre-emptive blocking. It will start a new AI monitoring system in November and use generative AI to analyse emerging scam types and warning signs to create new detection scenarios. The bank also plans to strengthen its prevention organisation, expand information-sharing and link FDS with anti-money laundering functions.

Crypto

Australia removes 45 crypto and remittance firms, tightens anti-money laundering oversight

Australia’s transaction reporting and analysis centre AUSTRAC has tightened oversight of high-risk payment and cryptocurrency sectors, cancelling or suspending registrations or refusing renewals for 45 remittance firms and virtual asset service providers over the past year. It removed operators lacking capacity, inactive for long periods or insolvent, and took action over missing change notifications and registration gaps. AUSTRAC also suspended Cryptolink’s registration for three months covering 96 ATMs and opened a separate probe into Western Union.

Crypto

U.S., UK launch joint cooperation targeting crypto scam centres

The United States and Britain have launched their first joint law enforcement cooperation framework targeting overseas centres running cryptocurrency investment scams. U.S. federal prosecutors in Washington, the Crown Prosecution Service for England and Wales and Britain’s National Crime Agency signed a memorandum of understanding to pursue parallel investigations, share information and decide where to prosecute cases. Authorities say they have identified overlapping cases and plan an operation in London in early October with private companies.