Incredible story! How did this Busan Bank employee steal $ 1.1 million worth of bitcoin?

South Korea’s BNK Busan Bank reportedly saw an employee of the foreign exchange team hijack 1.48 billion Korean won ($ 1.1 million) of client funds to invest in bitcoin.

The anonymous employee allegedly stole the money several times between June 9 and July 25 of this year, depositing funds received from clients from abroad into a personal account belonging to his romantic partner.

The employee invested the stolen funds in bitcoin and other cryptocurrencies.

As a result, BNK Busan Bank will take legal action against the infringer and conduct an internal audit.

South Korea has witnessed a number of cases related to embezzlement by bank employees. For example, a Woori Bank employee allegedly stole nearly $ 53.6 million (70 billion won) since 2012.

South Korea’s Financial Supervisory Service (FSS) is preparing to prepare more constructive and stricter guidelines for banks’ internal control system to prevent further incidents of this type.

A financial sector official said: “I understand the purpose of regulation, but I hope the emphasis should be on prevention rather than punishment. “

The specific objective of this team is to improve internal control for the prevention of financial incidents in the banking sector and to continue discussions on changes to the governance law.

The FSS will aim to review internal control standards for managers such as CEOs. The law will be amended to require compliance with current internal control regulations, the managers concerned and also the chief executive officer will be subject to sanctions in the event of a financial accident.

Financial authorities expect management to be forced to take a closer look at the possibility of an accident and thus the burden on management will increase.

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Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.

Thomas E.
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