[Alpha Biz= Paul Lee] South Korea’s Financial Supervisory Service (FSS) announced it will begin a regular inspection of KakaoBank starting June 18, in cooperation with the Korea Deposit Insurance Corporation. The roughly four-week review will assess the bank’s overall management, including internal controls and financial soundness.



This marks the first full-scope inspection of KakaoBank in four years. The digital bank, launched in 2017, was initially exempt from routine examinations during its early growth phase. In its first inspection in 2021, the FSS found KakaoBank in violation of rules prohibiting credit offerings to major shareholders, resulting in formal warnings and fines.



Meanwhile, the FSS is expected to conclude its ongoing regular inspection of Shinhan Financial Group and Shinhan Bank this week, having extended the initial timeline by two weeks. Similar inspections for Hana Financial Group and Hana Bank are scheduled for later this year.

 

 

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