The Seoul Metropolitan Serious Crimes Investigation Agency has decided not to investigate a financial-institution hacking case referred to it by police, according to sources.
Legal sources said on the 23rd that the agency recently made an internal decision not to pursue the case, which police had referred to it.
The case involves a series of artificial intelligence-driven hacking breaches at financial firms including Shinhan Bank, KB Kookmin Bank and Hana Bank. Police, who first opened the investigation, referred the case to the agency on the 21st after weighing the findings of their inquiry, a legal review, an authoritative interpretation by the Financial Services Commission and the views of the affected financial companies.
The referral was based on the view that the case qualifies as a "serious crime" subject to the agency's jurisdiction under Article 2 of the Serious Crimes Investigation Agency Act, after suspected violations of the Electronic Financial Transactions Act were identified in addition to the initial suspected breach of the Information and Communications Network Act. Under the current law, the agency may investigate cybercrime cases only when they constitute a serious crime.
The agency then reviewed whether to take on the case and settled on not opening an investigation, according to sources. Under the act and its enforcement decree, police must notify the agency immediately upon identifying a serious crime, and if the initial notification is made by phone or other means, a written notification must follow within three days of identification.