According to local media, a foreign employee of Busan Bank in South Korea stole around 1.48 billion won from customer cash and invested it in digital assets like Bitcoin.
In response to the loss, South Korea intends to change the law governing financial institutions, according to the article.
According to the nation’s Financial Monitoring Service (FSS), internal controls were absent in eight crucial areas, including staff management, self-service shop audits, and sealing management, which led to the embezzlement.
The regulator also discovered that unusual transaction monitoring practices and improper circumstances while sending money abroad also contributed to significant instances of embezzlement. According to the FSS, Woori and Shinhan Banks reported foreign transfers totaling more than 4 trillion won, while the overall amount of suspicious bank activities was close to 7 trillion won.
Although substantial embezzlement and irregular remittances are not directly tied to the regulator’s decision to change the corporate governance rules, it is thought that doing so could enhance internal control procedures.