Losses and lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Woori Bank
Officials at Woori Bank in South Korea announced on April 8 that two senior level employees had embezzled approximately 40 billion won ($35.4 million) from the bank’s coffers and fled the country. The bank estimates that the misdeeds at the country’s second-largest bank occurred over a period of several months between December 2003 and March.
The bank conjectures that the two, who have
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