Shinhan Bank Also Shows Signs of Large Foreign Exchange Suspicious Transactions... Financial Supervisory Service Inspection

[Asia Economy Reporter Lee Jung-yoon] The Financial Supervisory Service (FSS) has identified signs of large-scale foreign exchange transactions continuing at Shinhan Bank following Woori Bank and has initiated on-site inspections.

According to the financial sector on the 1st, the FSS received a report on abnormal foreign exchange transactions from Shinhan Bank and began on-site inspections at the relevant branch on the 30th of last month. Although the exact amount has not been disclosed, it is reported to be comparable to Woori Bank's scale of 800 billion KRW.

Earlier, Woori Bank detected through an internal audit that approximately 800 billion KRW had been transferred via foreign exchange transactions between multiple corporations at a branch in Seoul over the past year and reported this to the FSS last week. The FSS is investigating whether there are violations of the Foreign Exchange Transactions Act, including money laundering, through on-site inspections at the relevant Woori Bank branch.