Seoul Central Serious Crimes Investigation Agency Won't Probe Financial Institution AI Hacking... Police to Continue Investigation

Agency: "Investigation already well advanced"
International cooperation with overseas agencies also taken into account

The Seoul Central Serious Crimes Investigation Agency has decided not to directly investigate the AI hacking incidents involving financial institutions.

In a press notice on October 23, the agency said it had decided not to launch an investigation into the AI hacking incidents involving financial institutions and had notified the police of its decision that day. The agency explained, "After reviewing the details of the case and the progress of the investigation, we determined that it would be appropriate for the police to continue the investigation, as they began investigating well before the agency was launched, have already made significant progress, and are coordinating with relevant overseas agencies."

Major Crimes Investigation Agency in Jung-gu, Seoul. Yonhap News

The incidents involve a series of AI hacking breaches at financial institutions, including Shinhan Bank, KB Kookmin Bank, and Hana Bank. The police determined that the incidents constituted serious crimes subject to investigation by the agency and notified it on October 21. Under the Serious Crimes Investigation Agency Act and its Enforcement Decree, the police must immediately notify the agency when they become aware of a serious crime. Cybercrimes subject to notification include violations of the Act on Promotion of Information and Communications Network Utilization and Information Protection resulting from hacking of national critical infrastructure, and violations of the Electronic Financial Transactions Act resulting from hacking of electronic financial infrastructure.

The police had previously determined that the systems of the financial institutions affected by the hacking did not constitute national critical infrastructure. However, because they believed an interpretation by the financial authorities was needed to determine whether the systems constituted electronic financial infrastructure, they requested an authoritative interpretation from the Financial Services Commission. The commission responded that the systems could qualify as electronic financial infrastructure under the Electronic Financial Transactions Act.

The Seoul Central Serious Crimes Investigation Agency said, "We will work closely with the police and respond firmly to cyberterrorism and other crimes, including future hacking incidents involving financial institutions."

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