[Apha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service has decided to directly check the financial sector's internal control system for the recent embezzlement of KRW 56.2 billion at Kyongnam Bank.

Lee Bok-hyun, head of the Financial Supervisory Service, held an executive meeting at the headquarters in Yeouido, Seoul on the 8th and ordered, "Continue to check to ensure that internal control innovation measures prepared with the banking sector are well established so that internal control can work effectively."

Earlier in November last year, the Financial Supervisory Service announced an internal control innovation plan that includes improving long-term worker personnel management and job separation systems. The banking sector will also reflect the innovation plan in its internal regulations by the end of March and establish a related computer system at the end of June.

However, as another large embezzlement accident occurred, the financial authorities decided to conduct a direct inspection.

"We have completed the inspection of the reflection of the internal regulations, and we are currently in the process of checking the computer," a Financial Supervisory Service official said. "We plan to look into whether the separation of duties was effective in internal control."

 

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