SC Korea, Toss Bank hit by internal control failures

Standard Chartered (SC) Korea and Toss Bank are facing growing criticism over their internal control failures, due to repeated irregularities concerning loan approvals, industry officials said Thursday. SC Korea reported a financial fraud case of over 13 billion won ($9 million) in a Financial Supervisory Service (FSS) disclosure made Tuesday. The misconduct continued for a little more than two years, from February 2022 to June 2024, and was uncovered in the lender’s recent internal investigation. The lender said the case had “improper loan transactions involving fraudulent documentation.” It said in the FSS regulatory filing that the loss has not been exacted. Whether the amount would be recovered remains uncertain. In February, the bank reported fraudulent applications for jeonse housing deposits and unsecured loans totaling 1.47 billion won. Jeonse is a leasehold unique to Korea. The home-renting system allows tenants to pay a refundable lump sum in lieu of monthly rent. “The matter is currently under probe. We are unable to provide details other than what has been disclosed,”Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times