“Shinhan Bank Employee Embezzles Millions from Customers, Internal Investigation Launched”

Bank “reported to authorities, internal investigation”

An employee stole money from a customer at a Shinhan Bank branch in downtown Seoul. According to the financial sector on the 9th, an employee embezzled between 200 million and 300 million won from customers’ deposits at Shinhan Bank’s Gangnam Central Branch located in Gangnam-gu, and the bank launched an investigation. The employee is said to have intercepted deposits canceled by customers several times.

A bank official said, “There was an embezzlement incident, so we reported it to the authorities and are currently investigating.” The Financial Supervisory Service said, “We will decide whether or not to inspect after the bank’s own investigation.” If the amount of embezzlement is 200 million won or 300 million won, there is usually no on-site investigation.

Shinhan Bank launched its own investigation last year as it was found that an employee embezzled 200 million won (cash held by the bank) at a branch in Busan. With the continuing incidents of 70 billion won worth of embezzlement from Woori Bank last year, voices calling for strengthening internal control of banks are gaining strength.

Jooyoung Yoon reporter roza@hankookilbo.com

Junghyun Kim reporter virtu@hankookilbo.com