Financial Supervisory Service Holds Briefing on "Measures to Promote Compliance Reporting in the Banking Sector"

Specific Examples of Measures to Promote the Compliance Reporting System

The Financial Supervisory Service announced on April 25 that it held a briefing session, in cooperation with the Korea Federation of Banks, for domestic bank employees on "Measures to Promote Compliance Reporting in the Banking Sector."

This event was part of the "Measures to Promote the Compliance Reporting System" previously announced by the Financial Supervisory Service. The session was organized to provide specific examples so that bank employees could smoothly apply the revised compliance reporting system in the field.

The Financial Supervisory Service explained that there are incentives, such as exemption from disciplinary action in principle, for those who promptly report compliance violations, even if they were merely passive participants in the wrongdoing. On the other hand, it emphasized that failure to report compliance violations would result in penalties, as non-compliance with the reporting obligation would be considered an aggravating factor in the relevant misconduct.

An official from the Financial Supervisory Service stated, "We ask banks to actively conduct education and promotion for their employees so that the system can be established early," and added, "The Financial Supervisory Service will also regularly inspect the operation of compliance reporting in the banking sector and continuously address any deficiencies."