Woori, Shinhan Violated Real Name Laws: FSC
By Park Hyong-ki
Staff Reporter
The Financial Supervisory Commission (FSC) said Woori Bank and Goodmorning Shinhan Securities violated laws banning the use of false names in financial transactions involving Samsung Group's slush fund scandal.
FSC spokesman Hong Young-man said four accounts in the name Kim Yong-chul, a former executive of Samsung Group's legal department, were found at the bank and the securities firm, which were created without his authorization.
``Although the financial firms had copies of Kim's identification card, we did not find any evidence showing that Kim, himself, visited the financial firms and opened the accounts,'' Hong told a press conference.
The current rules state that a person needs to be present at a bank and directly submit necessary documents, including identification, driver's license or passport, in order to set up an account.
The regulatory body said it conducted the inspection of Woori and Goodmorning Shinhan from Nov. 26 to Dec. 7. Three accounts created under the name of Kim were found at Woori, and one at the securities firm.
Hong said staff at the bank and the brokerage house admitted they violated the law, but did not elaborate further.
The spokesman said the regulatory body will submit its investigative report to prosecutors after further questioning of the staff on their motives for allowing Samsung executives to open accounts without Kim's authorization.
``We also plan to discipline Woori Bank and Goodmorning Shinhan in accordance with the law,'' said Hong.
The regulators' probe into the companies came after Kim claimed that the country's largest conglomerate opened accounts under the names of its employees, including himself, to hide its slush funds that were used for bribery.
Woori is one of the key creditors of the Samsung Group.