South Korea’s Financial Supervisory Service has urged banks to bolster internal controls as AI adoption rises, highlighting new risks and unveiling its own AI-powered inspection tools at a sector workshop.
#YonhapInfomax #FinancialSupervisoryService #ArtificialIntelligence #InternalControls #BankingSector #RiskManagement #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=70812

Mirae Asset Life Insurance revealed a five-year embezzlement case by a partner GA planner, with KRW 530 million ($382,000) in client funds misappropriated, prompting legal action and tighter controls.
#YonhapInfomax #MiraeAssetLifeInsurance #Embezzlement #GeneralAgency #ClientFunds #InternalControls #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=68485

Woori Bank has launched a real-time monitoring system to detect and preemptively block abnormal employee access to customer data, strengthening internal controls amid rising concerns over personal information leaks in South Korea’s financial sector.
#YonhapInfomax #WooriBank #PersonalData #MonitoringSystem #InternalControls #InformationProtection #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=67341

South Korea’s major pension funds face criticism for weak internal controls, as most lack or fail to enforce rules restricting employees’ stock trading, enabling multi-million-won corruption schemes—including high-profile kickbacks at the Construction Workers’ Mutual Aid Association.
#YonhapInfomax #PensionFunds #InternalControls #StockTrading #ConstructionWorkersMutualAidAssociation #Kickbacks #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=65233

FSS conducts workshop for asset management firms' compliance officers, emphasizing internal controls and sharing inspection findings to strengthen industry compliance practices
#YonhapInfomax #FinancialSupervisoryService #AssetManagementFirms #ComplianceOfficers #InternalControls #ResponsibilityStructureDiagrams #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=63572

Financial Supervisory Service launches special inspection of Shinhan Card, focusing on internal controls for overseas business amid ongoing regular inspections of Shinhan Financial Group and Shinhan Bank
#YonhapInfomax #FinancialSupervisoryService #ShinhanCard #SpecialInspection #OverseasBusiness #InternalControls #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=63098

Shinhan Financial Group Chairman Jin Ok-dong outlines plans for value-up, internal controls, and qualitative growth at annual shareholders' meeting, emphasizing digital transformation and customer-centric approach.
#YonhapInfomax #ShinhanFinancial #ValueUp #InternalControls #ShareholderReturn #DigitalTransformation #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=55693

Hanwha Life reinforces trust-based management and internal controls, pledging enhanced customer trust with subsidiary insurance agencies
#YonhapInfomax #HanwhaLife #TrustManagement #InternalControls #CustomerTrust #InsuranceIndustry #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=54151

OK Capital launches real estate project financing evaluation committee to strengthen risk management and internal controls amid prolonged market downturn, aiming for business restructuring and diversification.
#YonhapInfomax #OKCapital #RealEstatePF #InternalControls #RiskManagement #BusinessRestructuring #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=52182

FSS to implement IT audit guidelines for financial firms by month-end, aiming to prevent system failures and enhance digital competitiveness while maintaining financial IT stability
#YonhapInfomax #FinancialSupervisoryService #ITAuditGuidelines #SystemFailurePrevention #InternalControls #FinancialITStability #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50752

FSS urges real estate trust companies to build conservative reserves, strengthen internal controls, and prepare for upcoming regulatory changes amid concerns over market stability and soundness.
#YonhapInfomax #FinancialSupervisoryService #RealEstateTrustCompanies #ReserveBuilding #InternalControls #RegulatoryChanges #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50693

"Treasury officials: Musk ally ‘mistakenly’ had power to alter payments system": https://www.politico.com/news/2025/02/11/musk-ally-mistakenly-power-alter-payments-system-00203714 #politics #InternalControls

Woori Financial Group Chairman Lim Jong-ryong emphasizes ethical corporate culture and internal controls during visits to all subsidiaries, highlighting commitment to trust-based financial practices.
#YonhapInfomax #WooriFinancialGroup #EthicalManagement #InternalControls #CorporateCulture #FinancialCompliance #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50411

FSS announces 2025 Business Plan, focusing on strict sanctions for financial misconduct, unified reporting standards, and improved compensation systems to enhance financial industry trust and prevent major incidents.
#YonhapInfomax #FinancialSupervisoryService #FinancialMisconduct #InternalControls #CompensationSystems #BankingRegulation #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50202

Woori Bank suspends Vice President Kwak Hoon-seok over negligent loan screening supervision, following FSS inspection revealing widespread issues in loan verification processes
#YonhapInfomax #WooriBank #LoanScreening #FinancialSupervisoryService #InternalControls #BankingRegulation #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50103

S&P Global warns Woori Financial Group's internal control issues may delay insurance acquisitions, as the group focuses on strengthening governance amid regulatory scrutiny
#YonhapInfomax #WooriFinancialGroup #InternalControls #SPGlobal #InsuranceAcquisition #RegulatoryInspection #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50150

FSS announces 2025 Business Plan, focusing on strict sanctions for financial misconduct, unified reporting standards, and improved compensation systems to enhance financial industry trust and prevent major incidents.
#YonhapInfomax #FinancialSupervisoryService #FinancialMisconduct #InternalControls #CompensationSystems #BankingRegulation #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket
https://en.infomaxai.com/news/articleView.html?idxno=50202