6.54 billion KRW as a result of FSA audits of Uri and Shinhan banks and self-audits of other banks.
Financial Supervision Service “Hard Action Plan for Illegal Actions”
Taking into account the results of self-audit by banks, the amount of foreign exchange transactions exceeding the banking sector amounted to more than 8.5 trillion won. Cases of suspicious links with cryptocurrencies (virtual assets) or currency transfers from fake companies have been identified.
According to the Financial Supervisory Service on the 14th, the amount of foreign exchange money transfer transactions (tentatively) with 26 companies confirmed by the Financial Supervisory Service at Woori Bank and Shinhan Bank is $3.39 billion (4.42 trillion won).
In addition, as a result of self-examination by other banks, 53 companies with suspicious currency transfer transactions totaled $3.15 billion (4.1 trillion won).
As a result, the total amount of suspicious transactions increased to $6.54 billion ($8.54 trillion).
As a result of bank self-examination, deposit transactions from Shinhan Bank, Jeonbuk Bank, Nonghyup Bank, K-Bank, etc. were often carried out.
There are also suspicions that the price of the coin on the domestic cryptocurrency exchange may be an illegal currency transaction that was carried out for profit using the so-called “kimchi premium”, which has a higher market price than foreign. On the 11th, the Daegu County Procuratorate established several corporations and arrested the officials of the ghost corporation on charges of illegally transferring hundreds of billions of won from Kimchi Premium overseas.
There were also suspicious transactions where it was suspected that the company had the same CEO as another company, or the office and some employees were duplicated, or a company that sent a large amount of money transfers compared to the business history and size of the company.
There are cases when BOC violates the reporting obligation or requests verification of the account by the investigating authorities when transferring money to a third party who is not a party to the transaction.
The FSB plans to complete its inspection of Woori Bank and Shinhan Bank on August 19, and also decided to conduct additional inspections of other banks with suspicious foreign exchange transactions.
The Financial Supervisory Service said: “We plan to take strict measures against illegal and unfair practices confirmed by inspections, in accordance with relevant laws and procedures.”
Reporter Dawn Kim [email protected]
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