[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial firms that helped illegal foreign exchange transactions worth trillions of won have been subject to heavy penalties hundreds of times.

According to the Financial Supervisory Service's sanctions disclosure on the 16th, Shinhan Bank, Kookmin Bank, Hana Bank and NH Futures were subject to institutional sanctions on the 7th. Some suspensions, fines and fines were imposed for violating the Foreign Exchange Transaction Act. Kookmin Bank and Shinhan Bank employees were also notified of the need for self-handling.

Shinhan Bank was partially suspended for 78 days and fined 12 million won by the Financial Supervisory Service. A fine of 174 million won was also imposed.

Three offices, including Shinhan Bank's headquarters and branches, did not report to the governor of the Bank of Korea while transferring the import transaction amount to a third-party account from January 18, 2021 to December 9 of the same year. From February 26, 2019 to July 5, 2022, the company paid more than $ 5,000 in import transactions and did not confirm defects in the evidentiary documents. In addition, Shinhan Bank's BT Financial Center arbitrarily stored its account and seal on May 9, 2022, without the confirmation of the person in charge of auditing or approval from the sales manager.

Kookmin Bank was also fined 36 million won and fined 330 million won for violating the Foreign Exchange Transaction Act.

Three Kookmin Bank's sales offices did not report to the BOK governor while remitting $1.67 million in import transactions to third-party accounts from August 4, 2021 to June 14, 2022. On October 5, 2021, 2,017,000 dollars were transferred in advance, but they did not report to the Bank of Korea for more than a year. It was sanctioned for facts similar to Shinhan Bank, such as poor review of evidentiary documents and arbitrary possession of bank accounts and seals of customers.

Hana Bank will also be fined 26.9 million won and suspended for 78 days for new foreign exchange payments.

Nine offices, including branches of Hana Bank, did not confirm any defects or errors in evidence documents while receiving and processing import transaction payments from seven companies in excess of $5,000 per case from March 30, 2021 to August 3, 2022. The payment amount is $ 339.74 million (489 cases).

NH Futures, a 100% subsidiary of NH Investment & Securities, was sanctioned for 156 days of suspension.

 

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