As large-scale loan scams have recently occurred one after another in the banking sector, the Financial Supervisory Service is reviewing whether to launch an inspection into the matter. The Financial Supervisory Service plans to decide on the need for an inspection after receiving the results of the banks' ongoing internal checks.
According to the financial authorities on the 14th, the Financial Supervisory Service plans to receive the results as soon as four banks—KB Kookmin, Shinhan, Woori, and Industrial Bank of Korea (IBK)Industrial Bank of Korea (IBK)(024110)—complete their internal checks into the recent loan scam cases.
The four banks plan to identify the exact circumstances of the incidents through their internal checks and then notify the Financial Supervisory Service. Based on the banks' internal findings, the Financial Supervisory Service will review the status of internal controls, including anti-loan-scam measures, and decide whether to proceed with an inspection.
The four banks disclosed on the 12th that financial accidents caused by external fraud had occurred simultaneously. The total amount involved is about 49 billion won. KB Kookmin Bank made a new disclosure, while Shinhan, Woori, and Industrial Bank of Korea (IBK) revised their previous disclosures to increase the amounts. The banks analyzed incidents that occurred from 2023 through last year to determine the total losses. The loan scams are known to have been carried out in collusion by a real estate developer and fake buyers.
An Financial Supervisory Service official said, "Whether to conduct an inspection has not yet been decided, and depending on the seriousness of the issue, there is a possibility it could be examined in detail during a future regular inspection."