The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.
May 3, 2022Discussions are underway on the implementation of a new shared transaction monitoring and screening system. A new 'beneficial ownership list system' has been established.
April 18, 2022The bank was fined, temporarily barred from setting up new ATMs, and required to increase its operational risk capital by 30 June.
April 14, 2022The RBI has bolstered its supervisory focus at banks amid findings of compliance, risk management and internal audit weaknesses.
April 5, 2022The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.
April 4, 2022The guidelines require banks to implement a unified system for the centralised management of their service prices to promote fair competition.
February 2, 2022Banks and FIs should spend at 20 percent of their CSR funds on the environment and climate change mitigation and adaptation, up from 10 percent previously.
January 21, 2022Michael Tang discusses SGX's progressive approach to sustainability reporting, and the need for boards to consider what is best suited for the business, its operations and stakeholders.
January 5, 2022The rules require banks to establish an Information Security Committee, chaired by the CEO, to assess the strategic and operational management of the technology risk.
December 28, 2021The FSC found deficiencies in banks' implementation of internal controls to prevent misappropriation of client funds by wealth management specialists.
December 21, 2021