(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] The financial supervisory authority is set to begin regular inspections on KB Financial Group and Kookmin Bank.

Today (9th), the Financial Supervisory Service (FSS) announced that it will commence preliminary inspections starting tomorrow (10th) in preparation for the regular inspections scheduled for KB Financial Group and Kookmin Bank in August.

These preliminary inspections are intended to gather necessary data and prepare for the upcoming regular inspections.

As the first regular inspections since last year's Hong Kong Equity Linked Securities (ELS) incident, a focused examination on related matters is anticipated.

KB Kookmin Bank handled the highest volume of Hong Kong ELS products within the financial sector.

In January this year, the FSS outlined the "Financial Supervisory Authority Inspection Operational Plan," prioritizing examinations of internal controls related to the sale of financial products such as Hong Kong ELS, assessing their adequacy and legality.

Additionally, intensified inspections are expected on internal controls, risk management, and overall financial soundness.

 

 

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