South Korea-based Busan Bank’s employee steals 1.4B won in customer funds to buy crypto

A overseas worker of South Korea-based Busan Bank stole astir 1.48 cardinal won of lawsuit funds and invested the wealth successful crypto assets similar Bitcoin (BTC), section media reported connected August 1.

According to the report, the worker stole the funds betwixt July 9 and July 25.

South Korea eyes stricter power measures

South Korea is considering reviewing its Financial Company Governance Act due to the fact that of the theft, the study said.

The country’s Financial Supervisory Service (FSS) said the embezzlement happened owed to the deficiency of interior controls successful 8 cardinal areas, including unit management, Self-store audit, and seal management.

The regulator besides discovered that abnormal transaction monitoring procedures and irregular overseas remittance situations besides played a relation successful large embezzlement incidents.

The FSS said that Shinhan and Woori Banks reported implicit 4 trillion won successful overseas remittances, portion the full suspicious banking transactions amounted to astir 7 trillion won.

While the regulator’s determination to revise the firm governance enactment is not straight related to irregular remittances and large embezzlement, it is believed that specified revision could amended interior power practices.

The FSS precocious announced that it would revise the Act to amended management’s work for interior control.

It besides formed a task unit saddled with strengthening interior controls to forestall accidents successful the banking assemblage and has been discussing amendments to the law.

Part of the expected revision is to marque the CEO observe interior power standards. Currently, the instrumentality lone imposes the work of mounting interior power standards.

Such amendment volition marque executives of fiscal institutions liable successful lawsuit of fiscal accidents, and they mightiness beryllium sanctioned,

Authorities judge specified laws volition marque executives wage much attraction to the company’s interior operations.

Additionally, the FSS is considering mounting up an interior power assemblage arsenic portion of the valuation standards for fiscal institutions. It whitethorn besides summation the spot of its audit unit.

The station South Korea-based Busan Bank’s worker steals 1.4B won successful lawsuit funds to bargain crypto appeared archetypal connected CryptoSlate.