Financial Services Commission, Voice Phishing · Stock Reading Room Intensive Inspection… “Working bee-baek-gye when caught”
Massive crackdown until June… System improvement such as reinforcement of penalties and collection of unfair gains
(Seoul = Yonhap News) Reporter Kim Yeon-sook = The financial authorities are intensively examining illegal and unfair public welfare crimes such as voice phishing, stock reading room (similar investment advisory business), similar reception, and illegal private finance. The policy is to punish workers according to the principle of zero tolerance when illegal activities are detected.
The Financial Services Commission announced on the 28th that March 29th to June 30th will be designated as the’intensive response period for public welfare financial crimes’, and that it will conduct joint and blackout inspections with related organizations and a massive crackdown.
At the same time, it was decided to strengthen immediate enforcement and promote system improvement throughout the entire stages of prevention and prevention of public welfare financial crimes-crackdown and punishment-damage relief.
First of all, the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange jointly conduct an investigation into the stock reading room, and operate a dedicated investigation team that intensively monitors unfair transactions related to various theme stocks.
Voice phishing will use the police investigation network to investigate new methods such as messenger phishing, and actively promote overseas cooperative investigations.
In addition, the voice phishing questionnaire system will be reinforced so that there is no ignorance, and consumer warnings and disaster messages will be actively used. In particular, the information sharing system inside and outside the financial sector will also be activated to prevent new methods such as’phone interception’.
The system will also be improved to remedy damage and strengthen punishment.
The Financial Services Commission decided to expand the subject of penalties for stock reading rooms to quickly recover unfair gains and to legislate the method of calculating unfair gains.
Voice phishing will also strengthen the punishment for the crime, and new rules for penalties related to preliminary acts (opening a cannon bankbook) and assisting acts (remittance and withdrawal measures) will also be promoted.
The level of punishment for similar reception will be greatly expanded in consideration of the seriousness of the damage, and legal grounds will be established to enable confiscation and collection of criminal proceeds. A plan is also being devised to establish a new investigative power of the financial authorities so that an investigation can be initiated promptly when there is a report of damage.
It also compensates for regulatory blind spots. The plan is to make it possible to punish unqualified persons for impersonating institutional financial products or guaranteeing the return on investment, and punishment even for displaying similar receipts and advertisements without signing a contract.
Illegal private finance is also pushing ahead with measures to significantly strengthen the level of penalties for government support such as Sunshine Loan, advertisements impersonating financial institution loans, and unregistered operations and violations of the highest interest rate.
In addition, it was decided to reinforce the damage relief system by expanding the target of invalidation and return of interest paid to illegal private finance companies from the current 24% annual interest rate excess to the commercial statutory interest rate (6% annually).
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