"Protecting Crime Victims' Assets Through Trusts"... Bank of Hope Joins Hands with the District Public Prosecutors Office in Daejeon

[Financial News] Bank of Hope has established a trust-based protection system for managing the assets of socially vulnerable people in cooperation with the District Public Prosecutors Office in Daejeon.
On the 29th, Bank of Hope announced that it had signed an agreement with the District Public Prosecutors Office in Daejeon to promote asset-management trusts for the safe protection and management of the assets of crime victims and other socially vulnerable people.
The agreement was established to help socially vulnerable people, including minors, people with disabilities and older adults, who may have difficulty managing their own assets. It will enable them to safely hold assets such as crime-victim relief funds and insurance proceeds and use them reliably for necessary purposes, including living expenses, medical costs and education expenses.
The agreement was pursued after a case involving support for the safe management of crime-victim relief funds belonging to a minor child left alone after a violent crime. The child needed an asset-management plan that would safely hold the relief funds and insurance proceeds until adulthood while allowing them to be used appropriately for necessary expenses during the child's development. Bank of Hope and the District Public Prosecutors Office in Daejeon plan to link Bank of Hope's trust and asset-management capabilities with the office's crime-victim protection and support programs whenever crime victims or other socially vulnerable people need assistance managing their assets. The two institutions have established a cooperative framework to provide protection measures using trusts.
Bank of Hope will design how trust assets are managed and disbursed by comprehensively considering the beneficiary's age, living environment and need for support. It plans to provide tailored trust solutions and relevant information so that necessary funds can be used appropriately at the right time.
The two institutions plan to continue sharing cases in which crime victims and other socially vulnerable people need asset protection. They also aim to strengthen cooperation among working-level staff and improve the effectiveness of asset-protection programs that use trusts.
Meanwhile, Bank of Hope plans to continue expanding cooperation with various public and professional institutions to protect the assets of socially vulnerable people through trusts and promote inclusive finance.
[email protected] Lee Hyun-jung Reporter