Financial Services Commission Issues Disciplinary Warning to Loan Association Chairman for Refusing to Submit Corporate Card Records

Association Receives Institutional Warning

The Financial Services Commission issued a reprimand warning to Lim Seung-bo, Chairman of the Korea Credit Finance Association, for refusing to submit documents such as corporate card usage details during the Financial Supervisory Service's inspection process.

On the 21st, the Financial Services Commission held a regular meeting and decided on measures against Lim Seung-bo, Chairman of the Korea Credit Finance Association, and the Korea Credit Finance Association itself.

The Financial Services Commission stated, "The association obstructed the inspection by refusing to submit necessary documents for the Financial Supervisory Service's inspection in September 2022, and repeatedly violated reporting obligations despite changing regulations related to its operations." It decided to issue a reprimand warning to Chairman Lim and an institutional warning to the association. Related aides received cautionary warnings and other measures.

On the 25th of last month, the Financial Supervisory Service's Disciplinary Committee approved a disciplinary plan imposing a three-month suspension on Chairman Lim.

Im Seung-bo, President of the Korea Asset-based Finance Association

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