Financial Supervisory Service points out insufficient risk management of virtual asset operators to Jeonbuk Bank

The Financial Supervisory Service has told Jeonbuk Bank to strengthen its risk management in relation to a contract to issue real-name accounts to virtual asset operators, including assigning dedicated personnel to monitor them, Korea Finance reported. According to the financial regulator on Sept. 26, the FSC issued one management recommendation and six improvement items to Jeonbuk Bank on Sept. 14. Management warnings and improvement points are administrative guidance measures that require the attention of financial companies or voluntary improvements, and financial companies that are notified of them must submit improvement plans to the Financial Supervisory Service within three months for improvement points and six months for management warnings.