Woori Bank probed for alleged irregular foreign currency transactions: report
Sources said that the deals, worth billions of won, were executed over the past year.
South Korea’s Woori Bank is under probe for its alleged involvement in irregular foreign currency transactions, industry sources told Yonhap.
The Financial Supervisory Service (FSS) reportedly carried out a spot inspection into one of the bank's branches last week after the bank found in a recent internal audit that foreign currency deals that go beyond conventional practices have been conducted there, according to the sources.
The deals in question–said to be worth billions of won– have been executed over the past year, the sources added.
READ MORE: South Korean banks to begin implementing Basel III by end-June
These transactions and the FSS’ alleged inspection are separate from an earlier embezzlement case involving a Woori employee. the sources said.
A bank employee along with his brother were recently indicted on charges appropriating more than 60 billion won (US$46 million) from the bank.
How embedded finance is democratising the financial services experience for SMEs in Asia-Pacific