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[Alpha Biz=(Chicago) Reporter Paul Lee] It was confirmed on the 25th that local subsidiaries of major commercial banks were sanctioned in China and other countries last year.
According to the Financial Supervisory Service's electronic disclosure system, Woori Bank's local subsidiaries were imposed the most fines among commercial banks, including two in China, two in Indonesia, one in Russia and one in India, for reporting errors and delays last year.
Hana Bank's local subsidiaries were fined one in China and KB Kookmin Bank's local subsidiaries were fined one each in Vietnam.
As these banks have been sanctioned by financial authorities for incomplete sales of private equity funds or poor internal control in Korea, critics point out that they may lack internal control not only in Korea but also abroad.
Indonesia's Woori Sodara Bank received a fine of 60 million rupees (910 million won) from the Indonesian Financial Supervisory Service in January last year due to a regular report error.
In March of that year, an additional fine of 4 million rupees (60 million won) was imposed due to a delay in reporting capital increase.
In April last year, China's National Foreign Exchange Administration fined Woori Bank 200,000 yuan (36.4 million won), along with a warning that there was an error in reporting international balance of payments and statistics.
In June last year, the Beijing Bank Insurance Supervisory Service imposed a fine of 900,000 yuan (164 million won) on Woori Bank in China for insufficient verification of the use of personal management loan funds.
In July last year, Woori Bank was fined 1 million euros (18 million won) by the Russian Central Bank for violating foreign exchange position transactions.
Woori Bank's Indian regional headquarters was fined 5.91 million rupees (89 million won) by the Central Bank of India in September last year for applying lower interest rates than the announced interest rate when depositing regular deposits.
Kookmin Bank's Ho Chi Minh branch was fined 160 million dong (8.4 million won) by Vietnam's central bank in May last year after it was found to have omitted the financial authorities' approval of offshore loans and overseas remittances.
Hana Bank's China Limited Corporation was fined 15.76 million yuan (2.87 billion won) in September last year by China's National Foreign Exchange Administration's Guangdong branch for neglecting its foreign currency payment guarantee.
Alphabiz Reporter Paul Lee(hoondork@alphabiz.co.kr)
