[Alpha Biz=(Chicago) Reporter Kim Jisun] The Financial Supervisory Service has imposed heavy penalties on the top five commercial banks for abnormal foreign currency remittances.

According to the financial sector on the 31st, the Financial Supervisory Service recently decided to suspend some of its operations at the five major banks (KB Kookmin, Shinhan, Woori, Hana and NH Nonghyup).

Instead of the bank's headquarters, the branch is said to have been subject to heavy punishment. The Financial Supervisory Service will impose fines on some other financial firms.

The FSS announced earlier in April that it inspected 12 local banks and 13 financial companies, including NH Futures, and confirmed that they violated the Foreign Exchange Transactions Act through abnormal foreign currency remittance transactions worth more than $12.26 billion (about 15.9 trillion won).

The sanctions will be finalized as early as next month after a regular meeting of the Financial Services Commission.

 

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