Fined 100 Million KRW for KB Kookmin Bank's Obstruction of Financial Supervisory Service Audit
Intentional Manipulation of Documents in Bank Manager's Report
[Asia Economy Reporter Yu Je-hoon] KB Kookmin Bank was fined for obstructing an inspection by the Financial Supervisory Service (FSS).
According to the financial sector on the 18th, the FSS discovered that Kookmin Bank submitted false documents and obstructed the inspection during the FSS's examination of the bank, imposing a fine of 100 million KRW and issuing warnings to two employees.
It was revealed that a department at Kookmin Bank deliberately manipulated a report to the bank president containing a voluntary report of violations related to foreign exchange transactions in derivative transactions prior to loss transfer. The FSS sanctioned the department, stating that the submission of such false documents caused confusion for the inspection team in understanding the circumstances of the violations and the appropriateness of the management's response, thereby hindering their work.
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The FSS also notified Kookmin Bank to strengthen internal control monitoring over loan solicitors and requested improvements in the procedures for returning and destroying customer documents related to loans handled by loan solicitors.
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