People who report financial accidents or illegal acts by small and midsize financial companies—such as savings banks, mutual finance institutions, and card and capital companies—will be eligible for rewards of up to 1 billion won. The pool of eligible whistleblowers will expand beyond current employees to include retirees and outsiders.
The Financial Supervisory Service said on the 14th that it had drawn up a plan to promote compliance reporting with central bodies and associations in the small and midsize financial sector. The move is aimed at strengthening internal controls at small and midsize financial companies, where internal checks are difficult due to their small size.
The cap on rewards, previously in the range of several million to several tens of millions of won, will rise to up to 1 billion won. Savings banks with total assets of 1 trillion won or more and card and capital companies with 2 trillion won or more may pay up to 1 billion won, while smaller companies may pay up to 500 million won. In mutual finance institutions, NongHyup and credit unions may pay up to 1 billion won, while the fisheries cooperatives and forestry cooperatives may pay up to 500 million won.
The scope of rewards will also expand. Rewards will be paid not only for reporting financial accidents but also for reports of widespread consumer harm or serious violations of laws and regulations. Cases will include preventing accidents by reporting weak internal controls or unlawful orders...
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