South Korea: Busan Bank employee embezzles US $1.1 M to invest in Bitcoin

Apparently, an employee on the foreign exchange team of South Korea’s BNK Busan Bank embezzled 1.48 billion Korean won (US$1.1 million) in customer funds to invest in Bitcoin.

The employee, whose name was not revealed, allegedly embezzled the money on several occasions from June 9 to July 25 this year by depositing funds customers acquired from overseas into a personal account belonging to his/her romantic partner.  

Local media reported the employee invested the embezzled funds in Bitcoin and different cryptocurrencies.

Also read, South Korean prosecutors target 7 crypto exchanges linked to terraform

Legal action against the employee for investing in Bitcoin using customers’ fund

Busan Bank South Korea

As per the disclosure from the BNK Busan Bank, they will take legal action against the perpetrator along with a self-audit.

South Korea saw 10 cases related to bank embezzlement by employees, for instance, one employee at Woori Bank reportedly stole nearly US $53.6 million (70 billion won) since the year 2012.

The Financial Supervisory Service (FSS) of South Korea is ready to prepare more constructive and stricter guidelines for the internal control system within the banks to prevent further such incidents relating to bitcoins or cryptocurrencies.

An official from the financial sector communicated, that they understand the purpose of the regulation, but also hope that the focus should be on prevention instead of punishment.

This team is particularly designed to improve internal control for the prevention of financial accidents within the banking sector and further discuss modifications to the governance law.

The FSS will strive to revise the internal control standards for executives such as CEOs. The law will be amended in a way that mandates compliance with the actual internal control standards, and the appropriate executives and also the CEO will be subject to sanctions in the event of a financial accident. 

The financial authorities will look forward to the management being pushed to look more closely at the possibility of an accident, therefore, the burden on the management is likely to rise. 

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