Busan Bank Employee Allegedly Embezzles US$1.1 mn in Bitcoin

Busan Bank employee allegedly Embezzles US$1.1 mn in Bitcoin

The South Korea’s BNK Busan Bank apparently saw an employee of the forex group embezzle US$1.1 million won (1.48 billion Korean) in consumer funds into investing in bitcoin.

The unnamed employee allegedly took the cash a number of times from June 9 to July 25 this year by transferring funds clients got from abroad into an individual account coming from his/her romantic partner.

The employee invested the misused funds into bitcoin or other cryptocurrencies.

Accordingly, the BNK Busan Bank will take legal action versus the criminal in addition to a self audit.

South Korea saw a variety of cases associated with bank embezzlement by staff members, for instance, one employee at Woori Bank apparently took almost US$ 53.6 million (70 billion won) given that 2012.

The Financial Supervisory Service (FSS) of South Korea is preparing yourself to prepare more positive and more stringent standards for the internal control system within the banks to avoid even more such events.

An authorities from the monetary sector stated, “I understand the purpose of the regulation, but I hope that the focus should be on prevention rather than punishment.”

This group is particularly developed to enhance internal control for the avoidance of monetary mishaps within the banking sector and more go over changes to the governance law.

The FSS will intend to modify the internal control requirements for executives such as CEOs. The law will be changed in a manner in which needs compliance with the real internal control requirements, the pertinent executives and likewise the CEO will undergo sanctions in the occasion of a monetary mishap.

The monetary authorities will eagerly anticipate the management being required to look more carefully at the possibility of a mishap, hence, the problem on the management is most likely to increase.

Compiled by Coinbold.

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