It was found that the interest paid by Cambodian subsidiaries of domestic banks to Prince Group, identified as the "Cambodian crime backer," reached 1.45 billion won.
According to data submitted by the Financial Supervisory Service to the office of People Power Party lawmaker Kang Min-guk on the 27th, four banks—Jeonbuk Bank, KB Kookmin Bank, Shinhan Bank, and Woori Bank—paid a total of 1.454 billion won in interest on deposits to Prince Group.
By bank, Jeonbuk Bank paid the most at 708.7 million won. It was followed by ▲KB Kookmin Bank (673 million won) ▲Shinhan Bank (61 million won) ▲Woori Bank (11 million won).
Currently, 91.175 billion won of Prince Group funds are on deposit at these banks. Under international sanctions, the banks have frozen the funds on their own.
Meanwhile, the transaction amount between Prince Group and domestic banks was recalculated at 214.686 billion won, up from the level initially identified by the Financial Supervisory Service (197.045 billion won). Of that, Jeonbuk Bank accounted for more than half at 125.208 billion won. It was followed by ▲KB Kookmin Bank 70.788 billion won ▲Shinhan Bank 7.709 billion won ▲Woori Bank 7.021 billion won ▲iM Bank 3.96 billion won (overseas remittances).
Jeonbuk Bank was also found to hold one checking deposit account opened by Huione Group in Aug. 2018. Huione Group is under suspicion of laundering virtual-asset funds. A checking deposit is a demand deposit used to settle payments by issuing checks and bills, and Huione Group's current balance was 100,000 won.
However, due to the nature of free deposits and withdrawals, the transaction size over the past seven years was not confirmed.
As suspicions arise that a Cambodia crime-linked organization may have laundered "black money" through local subsidiaries of domestic banks, there are also calls for additional investigations by financial authorities.
Notably, some of the banks that transacted with Prince Group are partner banks providing real-name verification accounts for domestic virtual asset exchanges. Jeonbuk Bank is a partner bank for authentication accounts of Gopax.
Lawmaker Kang Min-guk said, "Sanctions procedures by our government against crime-related parties are urgent," and added, "Given that some banks that transacted with Cambodia's criminal organizations are partner banks of coin exchanges, a thorough investigation into potential money laundering is also necessary."
Financial authorities say they will investigate the related suspicions involving the virtual asset exchange.
At a comprehensive National Assembly audit that day, Financial Supervisory Service (FSS) Governor Lee Chan-jin answered "I will order it immediately and carry it out" to a question from Rep. Kang that "a thorough investigation into virtual asset exchanges is necessary."