South Korean police investigate Financial Supervisory Service executives over suspected financial information leak

South Korean police are investigating allegations that a senior official at the Financial Supervisory Service (FSS) leaked internal information illegally. According to a police announcement on the 15th, the Seoul Metropolitan Police Agency's anti-corruption crimes investigation team has leaked information from the FSS to private financial institutions.
The Financial Supervisory Service Director-General A has been charged with leaking information to the company (violating the Financial Services Commission Act) and is currently under investigation. At the end of last month, the police conducted a search of his home to seize related documents.
He previously worked in a department that supervises and inspects financial investment companies, and is suspected of passing on supervision and inspection schedules to a former employee of the same institute who was working at a financial company during that time.
In relation to this, the Financial Supervisory Service stated in a notice, "The relevant suspicions were raised during the Financial Supervisory Service's internal audit.
"Based on the recognition that as a supervisory body we need to implement strict internal controls, we requested a police investigation at the end of last year in order to accurately grasp the facts of the matter."
He added, "The specific details of the allegations will become clear in future investigations. We plan to take necessary measures based on the results of the investigation."
According to the Financial Services Commission Act, if the head, vice president, assistant vice president, auditors, or employees of the Financial Supervisory Service illegally disclose information obtained in the course of their duties or use it for purposes other than those of their duties,
The offender is punishable by imprisonment of up to three years or a fine of up to 20 million won (approximately 2.22 million yen).