Financial Supervisory Service Begins Sanctions on Hana Bank for Sharing DLF Customer Financial Information with Law Firm

[Asia Economy Reporter Jo Gang-wook] The Financial Supervisory Service (FSS) has initiated disciplinary procedures against Hana Bank for handing over financial transaction information of customers involved in overseas interest rate-linked derivative-linked funds (DLF) to a law firm.

According to financial authorities on the 5th, the FSS decided to bring Hana Bank's violation of the Act on Real Name Financial Transactions and Confidentiality (Real Name Financial Transactions Act) to the Disciplinary Committee for review.

Hana Bank transferred financial transaction information of all 1,936 DLF accounts to Law Firm A in August last year, and later provided messenger and email data of 36 employees related to DLF, the FSS explained.

Hana Bank explained that the provision of customer account information was intended to quickly receive legal advice and support in case of customer complaints.

Regarding this, an FSS official said, "We requested an authoritative interpretation from the Financial Services Commission (FSC) on whether Hana Bank's provision of customer financial transaction information violated the Real Name Financial Transactions Act, and received a response in March this year confirming the violation," adding, "The FSC judged that Hana Bank provided customer account information 'beyond the minimum necessary scope.'"

In the previously disclosed disciplinary proposal, the FSS stated that Hana Bank's handing over of DLF customer information and employees' messenger data to the law firm constituted violations of the Real Name Financial Transactions Act and the Personal Information Protection Act.

This content was produced with the assistance of AI translation services.