Citi and Standard Chartered units told to investigate allegations against staff


South Korea’s financial regulator ordered Citigroup and Standard Chartered’s units to investigate allegations that staff members or contract workers sold client information to private lending agents.

Bloomberg reports that the Financial Supervisory Service is waiting to hear from Citibank Korea and Standard Chartered Bank Korea about the internal probes before deciding whether to conduct its own investigation, Lee Sang Koo, the director-general of the FSS’s bank supervision team, said by phone today.

The FSS may begin inspecting the two banks regarding the allegations, the Seoul Economic Daily reported today, without citing anyone. The South Korean prosecutors’ office said in a December 11th statement it arrested an employee of 'Bank C' for leaking information on 34,000 clients including details of lending contracts.

Citibank Korea confirmed in an e-mail Monday that it was 'Bank C.' The unit conducted its own investigation at the FSS’s request following the arrest, it said, without elaborating on the results of the probe.

To access the complete Bloomberg article hit the link below:

Citigroup, Standard Chartered Korean Units Told to Probe Leaks

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