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RETAIL BANKING | Cesar Tordesillas, Korea
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Institutional caution issued against Kookmin Bank

An institutional caution has been issued and a fine of 54.5 million won or US$49,086 has been slapped against Kookmin Bank for breaching regulations on loans and personal data.

 

An institutional caution and fine were imposed on the bank, with reprimands made against employees that broke the rules. A caution was also issued to the current and former heads for their responsibility in prompting unfair sales activities," said Korea's finaancial watchdog, the Financial Supervisory Service.

It explained that Kookmin Bank was found to have set excessive deposit goals, which forced bank employees to engage in unfair sales activities when extending loans to small and mid-size enterprises.

The bank was also found to have breached real-name financial transaction rules and mistreated the credit information of some customers, the FSS added.

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