FX transactions will soon be policed by computers

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FX transactions will soon be policed by computers

A computerized platform will start screening potential violations of the rules on foreign exchange transactions from the second half of this year, the financial watchdog said Tuesday, as part of its efforts to bolster machine-readable regulation.

The Financial Supervisory Service (FSS) and 10 major banks, including KB Kookmin Bank and Shinhan Bank, will jointly build the platform, the FSS said in a statement.

Violations rose to 1,279 cases last year, compared with 1,097 in 2017 and 567 in 2016, according to the FSS.

The new platform is expected to cut costs and shorten the screening period, the FSS said.

Yonhap

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