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[Alpha Biz=(Chicago) Reporter Paul Lee] The financial authorities have decided to revise the existing system, which also imposed fines on individual executives and employees when violations of administrative duties occurred due to lack of internal management by financial companies. If the legal entity is a financial company, it will be improved so that fines will be imposed only on the company that is a mandatory offender.

The Financial Services Commission said on the 16th that it made the decision after holding a "meeting of experts on improving the fine system in the financial sector" with the Financial Supervisory Service, private experts in academic and legal circles and financial associations.

A fine is a financial sanction imposed by the administrative office for violating administrative obligations. There is a difference between a "fine" to sanction criminal activities or a "fine" for the purpose of recovering unfair gains.

In particular, the number of fines imposed on individual executives and employees of financial companies has continued to increase, accounting for 74.3 percent of the number of fines imposed over the past five years, the report showed.

As the issue of the adequacy of fines has been raised, financial authorities have started to improve the system.

If the entity that complies with the law is a financial company, it will be improved so that only financial companies will be fined.

The government will also delete the existing comprehensive regulation on the basis of fines and seek to establish a basis for fines by obligation and act.

Under the enforcement ordinance, which is set too low compared to the upper limit of fines by law, the government will also revise the standard amount of fines.

For simple and minor violations, the government will also consider giving them opportunities to improve and correct them by first taking warning measures. The move is aimed at preventing the number of people subject to fines from increasing too much and giving mandatory offenders a chance for voluntary improvement.

After the meeting, the Financial Services Commission will form a working-level task force (TF) to specify detailed issues and come up with a revision to the decree.

It plans to finalize detailed measures to improve the fine system during the second and fourth quarters of this year and revise related laws such as the Banking Act and the Real Name Financial Transactions Act in the second half of this year.

 

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