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[Alpha Biz= Reporter Kim Sangjin] The Financial Supervisory Service (FSS) will commence a preliminary inspection of BNK Financial Group next month, with a regular inspection scheduled to follow in October.
The preliminary inspection will focus on issues highlighted by a recent embezzlement case involving 308.9 billion won at BNK's Kyongnam Bank last year. The inspection will encompass a comprehensive review of the internal control systems across BNK Financial Group and its affiliates. Given recent similar incidents at NH Nonghyup and Woori Bank involving significant embezzlements, the FSS is expected to conduct a thorough examination.
According to an FSS official on the 26th, "The preliminary inspection of BNK Financial and its affiliated banks is planned for mid-September, following the Chuseok holiday." This preliminary inspection will collect data on key inspection areas to prepare for the regular inspection in early October, which will last approximately six weeks.
Typically, the FSS conducts regular inspections of specific financial institutions every 3 to 5 years. BNK Financial and Busan Bank have not undergone a regular inspection in the past 10 years, and Kyongnam Bank was last inspected in 2015. This is relatively long compared to the 2 to 3-year intervals for other major financial groups and banks.
The upcoming inspection will involve a broad review of internal control systems.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
