Seoul: Fines imposed on financial companies by South Korea's financial regulator nearly tripled in 2024 from a year earlier, a corporate data tracker said Wednesday. The Financial Supervisory Service (FSS) imposed fines totaling 43.92 billion won (US$29.3 million) on local financial firms last year, jumping from 15.27 billion won a year ago, according to CEO Score.
According to Yonhap News Agency, by sector, commercial banks topped other business categories with a combined fine of 8.14 billion won, followed by life insurers with 7.67 billion won and asset management firms with 5.79 billion won, the data showed. Viva Republica Inc., which operates the internet-only Toss Bank, ranked first with a 6 billion-won fine for using transaction information for its business analysis without approval from electronic receipt providers and collecting personal information in its membership registration process.
The National Credit Union Federation of Korea ranked second with a fine of 2.99 billion won, followed by Samsung Life Insurance with 2.47 billion won and iM Bank with 2 billion won, it said.