[Woori Bank Embezzlement] Jung Eun-bo, Financial Supervisory Service Chief, "Strict Action Against Those Responsible"

Eunbo Jeong, Governor of the Financial Supervisory Service

[Asia Economy Reporter Song Seung-seop] Jung Eun-bo, Governor of the Financial Supervisory Service (FSS), emphasized that “strict measures will be taken against those responsible” regarding the embezzlement incident involving 60 billion KRW at Woori Bank.

On the 3rd, Governor Jung made this statement at a meeting with domestic bank CEOs held at the Korea Federation of Banks in Jung-gu, Seoul, calling it “a very serious matter that undermines the trust in the banking sector.” The meeting was originally arranged to review internal and external risk factors and discuss response measures. However, due to the high public interest and the gravity of the embezzlement incident at Woori Bank, he appeared to address the issue directly.

He also maintained the position of inspecting accounting firms. Governor Jung said, “The FSS is investigating whether the external auditors’ monitoring functions operated properly,” adding, “We will also check if there were any deficiencies in the accounting firms’ quality control systems.” The accounting firm responsible for auditing Woori Bank at the time of the embezzlement was Anjin Accounting Corporation.

He further stated, “We will investigate the facts regarding any aspects that were not recognized in advance during the supervisory authorities’ inspection process and will promote institutional improvements.” Amid rising criticism that the FSS failed to detect the embezzlement at Woori Bank, this implies an intention to change inspection and supervision methods.

To other attending bank CEOs, he also urged, “As ordered to all banks yesterday, please urgently inspect your internal controls to ensure there are no issues in preventing financial accidents within each bank and take necessary measures.”

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