Search results for loan fraud
Finance
Financial sector audit to focus on household loans, ETFs and financial incidents
South Korea’s National Assembly will hold its annual state audit from Oct. 6 to 27, putting financial authorities and lenders under scrutiny. Key issues include household loan growth targets, governance reforms and internal controls following repeated financial incidents. Regulators’ oversight of single-stock leveraged ETFs, Hong Kong H-index ELS penalties and banks’ ETF trust sales fees are also expected to be questioned. Policy banks’ incidents and the progress of reforms at the National Agricultural Cooperative Federation may be reviewed.
Finance
MOIS to provide online household move-in data to Toss Bank, first for internet-only banks
South Korea\'s Ministry of the Interior and Safety will provide Toss Bank with online access to household move-in data from Sept. 17, the first such link-up for an internet-only bank. The data will allow the bank to check required information in real time during reviews for rental deposit loans without customers submitting separate documents. The ministry expects the online link to cut review times from 5 days to 4 days or more and help prevent real estate loan fraud.
Finance
MyData market expands as Korea faces impact of consecutive base rate hikes
Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.
