Thursday , May 19 2022

Ioon Suk-heon "Foreign banks need basic internal control …" – Diodeo


"Protection of vulnerable in relation to interest rate growth, offering innovative products"

(Seoul = News 1) Jung, Jae-min reporter Iun Seok-hun, chairman of the Financial Supervision Commission, told 42 foreign bankers: "The foreign banks are also a family that supports our market." He added: "Through thorough internal control and risk management I need it."

On June 14, he held a meeting with the Foreign Bankers of Korea Group (FBG) to discuss changes in domestic and foreign economic and financial environment, the role of finance, and the direction of supervision of foreign banks.

Ioon said: "Foreign banks are also one of the households that support our market, we want to have the same sense of duty as the domestic bank. We will use advanced methods of credit assessment and risk management to activate the functions of financial intermediation in production and innovative fields. to meet social funding requirements, such as the protection of financial consumers and financial inclusion for ordinary people and vulnerable classes. "

"Fundamental internal control and risk management is needed in order to ensure stable revenue and management security" and "We will do everything necessary for managing liquidity in foreign currency, given the increase in foreign insecurity, since we pay special attention to compliance with laws and regulations related to the prevention of money laundering. " He added.

The interest of financial consumers and enhanced consumer protection has also been raised. He said: "In order to protect itself from rising interest rates, banks should actively protect ordinary people and vulnerable groups."

Finally, "By utilizing the experience and strengths of our global headquarters and other innovative financial products and services, we will encourage vitality and competition in the domestic financial market and serve as a new breakthrough for our economy."

Representatives of foreign banks who attended the meeting tried to improve the system, because it was difficult for foreign financial companies, who at the same time entered banking and securities, to have difficulties in synergy due to restrictions on the exchange of information between the subsidiaries.

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