The Seoul branch of JPMorgan Chase Bank, a U.S.-based investment bank that interfered with the financial authorities’ inspection by deleting and concealing data requested by the authorities, was fined 100 million won (some $85,470).
According to the Financial Supervisory Service (FSC) on Oct. 28, JP Morgan Chase Bank's Seoul branch was sanctioned with "institutional warning" as of Oct. 12 for interfering with the FSC's inspection work.
According to the released sanctions disclosure, the FSS previously demanded various data in June 2019 for the purpose of checking unauthorized business activities, but JP Morgan Chase employees interfered with financial authorities' inspections by moving or deleting data storage folders to other folders.
It was also revealed that some deposit transactions violated their obligations to verify their real names.
The FSC imposed sanctions on executives and employees of JPMorgan Chase, including "March salary reduction and 20 million won in fines" (1 person), "Notice of illegal facts and 6 million won to 25 million won in fines (3 people)."
