A top finance official says there is growing concern that commercial banks are potentially encouraging financial crimes by issuing virtual accounts for cryptocurrency trading.

Financial Services Commission Chairman Choi Jong-ku made the remark during an emergency news conference on Monday with regard to the Korean Financial Intelligence Unit and the Financial Supervisory Service launching a joint inspection on six banks that have created virtual accounts for cryptocurrency exchanges.

He said there is a high chance that these accounts could be misappropriated as channels for crimes such as money laundering and stashing illegal assets.

Choi said the inspection will focus on determining whether the banks took corresponding measures to risks that could occur in dealing with crytpocurrency traders.  

The inspection on the six banks, including Woori Bank, Kookmin Bank and Shinhan Bank, will run through Thursday.  
 
In a bid to curb the frenzied trading of digital money in the country, financial authorities last month ordered all commercial banks to stop newly issuing virtual accounts.