 |
Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, South Korea – October 23, 2025 – The Financial Supervisory Service (FSS) has instructed Woori Bank to strengthen its internal controls and personnel management, citing weaknesses in oversight of long-term employees and the operation of mandatory leave programs designed to prevent financial misconduct.
According to the FSS, its latest on-site inspection of Woori Bank identified five areas for improvement, including stricter enforcement of mandatory leave for long-term employees within the same department. The regulator urged the bank to revise its internal policies so that such staff are automatically included in the mandatory leave list. The system temporarily requires employees to take leave, during which time their work processes and system access are reviewed to detect irregularities.
This move follows the 2022 Woori Bank embezzlement case, which triggered a series of reforms in financial institutions’ internal monitoring systems. Since then, the FSS has required that not only employees in high-risk roles but also those serving long terms in the same branch or division be subject to mandatory leave.
The FSS also advised Woori Bank to clearly define criteria for exceptions to job rotation among long-serving staff and to document supporting evidence for such cases. Currently, Woori Bank requires headquarters employees to rotate every three to five years, though exceptions may be made based on managerial requests or specific job needs.
An FSS official described the measure as administrative guidance, emphasizing that it aims to enhance preventive oversight rather than impose penalties.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
