Police Investigate Financial Supervisory Service Executive for Leaking Internal Information to Financial Companies

Financial Supervisory Service building in Yeouido, Seoul. Photo by Younghan Heo younghan@

The police are reportedly investigating a senior official at the Financial Supervisory Service (FSS) for leaking internal information to financial companies.

On the 15th, according to the police, the Anti-Corruption Crime Investigation Unit of the Seoul Metropolitan Police Agency has booked and is investigating Mr. A, a director-level official at the FSS, on charges of diverting FSS information to private financial companies (violation of the Financial Services Commission Act).

At the end of last month, the police conducted a search and seizure of Mr. A and secured materials to prove the charges.

The police believe that Mr. A, while working in a department overseeing and inspecting financial investment firms in the past, informed former FSS employees who were working at financial companies at the time about supervision and inspection schedules.

The Financial Services Commission Act stipulates that the head, deputy heads, auditors, and employees of the FSS who disclose information learned through their duties to others or use it for purposes other than their official duties shall be subject to imprisonment for up to three years or a fine of up to 20 million won.

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