[Alpha Biz=(Chicago) Reporter Kim Jisun] The four major banks (KB Kookmin, Shinhan, Hana, and Woori Bank) have been sanctioned by institutions for violating related laws, including violation of their obligation to check evidence documents in foreign exchange transactions.

According to the Financial Supervisory Service on the 19th, the four major banks were fined up to 300 million won on the 7th for violating the Foreign Exchange Transaction Act. Except for Kookmin Bank, three banks were sanctioned for up to six months of suspension.

Woori Bank was subject to both institutional and employee sanctions. The bank has decided to suspend some of its business at three branches for six months, along with a fine of 309 million won and a fine of 177 million won. Two branches will be suspended from new business for foreign exchange now, while one branch will be suspended from new business for foreign exchange now and receipt.

Woori Bank did not report to the Bank of Korea from September 2021 to August 2022, transferring $ 9 million in import transactions from five branches to third-party accounts. In addition, 12 branches did not confirm errors in evidence documents submitted in the process of processing $ 538 million in import transactions from April 2021 to June 2022.

Shinhan Bank was fined 174 million won and suspended for 2.6 months at one branch. You also have to pay a fine of 12 million won. I was also sanctioned by the staff.

Three sales offices, including the main department of Shinhan Bank, did not report to the Bank of Korea while transferring the import transaction amount of $21.48 million to a third-party account from January 18, 2021 to December 9 of the same year. In addition, Shinhan Bank's BT Financial Center kept the client's seal on May 9, 2022 without approval from its sales manager.

Hana Bank was suspended for 2.6 months and fined 26.9 million won. Nine branches of Hana Bank violated their obligation to verify evidentiary documents in the process of handling $ 339 million in import transactions.

Kookmin Bank was fined 330 million won and fined 36 million won. Three branches did not report to the Bank of Korea from August 4, 2021 to June 14, 2022, transferring $ 1.67 million in import transactions to third-party accounts.

Separately, the FSS also ordered Kookmin Bank to improve its internal control standards for preventing financial accidents related to foreign exchange transactions.

 

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