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What is the Criminal Accounts Damage Recovery Act?

Enacted on June 21, 2008 to provide relief to victims of bank transfer scams, the official name of this law is the "Act on Damage Recovery Benefit Distributed from Fund in Bank Accounts Used for Crimes (law 133 of 2007)."

This law establishes payment procedures, etc. for providing damage recovery benefits to people affected by bank transfer scams and other fraud.
Financial institutions freeze transactions for bank accounts (receiver's accounts) into which funds have been transferred through bank transfer scams and void all deposit claims by that account holder.
Victims then apply to receive damage recovery benefit payments and are paid such benefits from the frozen accounts according to the ratio of funds stolen to the victim's account balance.
Provisions are provided for procedures concerning the voiding of deposit claims and payment of damage recovery benefits.

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