Keeping crime victim compensation funds safe

Kim Jin-woo (left), head of Hana Bank's asset management group, poses with Kim Do-wan (right), chief prosecutor of the Daejeon District Prosecutors Office, at a signing ceremony held Monday. [Hana Bank]
Kim Jin-woo (left), head of Hana Bank's asset management group, poses with Kim Do-wan (right), chief prosecutor of the Daejeon District Prosecutors Office, at a signing ceremony held Monday. [Hana Bank]

Hana Bank announced Tuesday it has signed an MOU with the Daejeon District Prosecutors Office to promote asset management trust services for minor children left without guardians after violent crimes, helping to safely manage their crime victim compensation funds and insurance payouts.

The two institutions plan to support crime victims and other vulnerable members of society who struggle to manage their finances, enabling them to draw on necessary funds in a stable manner through trust arrangements.

Trust services have recently expanded beyond inheritance planning to serve as a tool for protecting the assets of vulnerable groups, including crime victims and minors.

The agreement grew out of efforts to find a way to safely manage crime victim compensation funds paid to the minor children of violent crime victims until they reach adulthood, while making those funds available for expenses incurred during their upbringing.

The two institutions plan to share cases in which asset management support is needed for minors, people with disabilities and the elderly, and to strengthen cooperation between working-level staff to improve the effectiveness of the trust-based asset protection regime.

To that end, Hana Bank will design the management and disbursement structure for trust assets based on each beneficiary's age, living environment and support needs. The bank will also hold crime victim compensation funds and insurance payouts and provide relevant information so the money can be used for specific purposes such as living expenses, medical costs and education.

"This agreement is a starting point for cooperation to safely protect the precious assets of vulnerable people — including minors who need care after an unexpected crime," said Kim Jin-woo, head of Hana Bank's asset management group. "We will fulfill our responsibilities so that trust services can serve as a social safety net that protects our customers' lives and futures."


forest@heraldcorp.com