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Finance

Lawmakers criticise banks over interest rates, hacking, IT errors and governance questions at audit

Issues ranging from banks’ loan-rate calculations to hacking incidents, IT system management and financial holding companies’ governance were raised at a National Assembly audit. Lawmakers questioned whether banks cut preferential rates after tighter rules on loan add-on rates. They also probed differences in cybersecurity systems among banks and called for stronger standards. Delayed detection of internal system errors, including cases at Toss Bank, was cited. Governance and outside director appointment procedures at BNK Financial Group, Woori Financial Group and KB Financial Group affiliates were also questioned.

Finance

NH faces audit criticism over unreported embezzlement cases; Chairman Kang Ho-dong denies graft allegations

NH Nonghyup and local agricultural cooperatives came under scrutiny at a parliamentary audit over weak internal controls and budget practices. Lawmakers said NH failed to report six cases with clear criminal suspicions among 21 employee incidents in 2022 and cited a local co-op case in which an employee allegedly embezzled 130 million won but received early retirement pay. Other lawmakers questioned large unallocated budgets and alleged diversions to publicity spending. Chairman Kang Ho-dong denied involvement in a high-priced souvenir purchase case involving secretariat staff.

AI & Enterprise

Korean lawmakers flag youth protection gaps in AI character chat services

Safety concerns over AI character chat services popular with teenagers were raised at a parliamentary audit, with lawmakers saying harmful content can be generated even when youth protection features are enabled. They cited self-harm and suicide-related conversations and sexual exploitation scenes involving minor characters. Lawmakers also criticised delays in reviewing harmful content complaints and questioned the effectiveness of industry self-regulation, calling for clearer age and usage limits and stronger safeguards.