The Bank of Korea and the Financial Supervisory Service of South Korea started joint foreign exchange inspections on banks today.

The South Korean Ministry of Finance issued a notice stating that the South Korean central bank and financial regulatory agencies will conduct a joint inspection of major foreign exchange banks on Wednesday. This inspection will combine off-site and on-site checks to identify whether banks are engaging in activities that disrupt foreign exchange market transactions or seek inappropriate benefits for themselves or third parties. If the inspection finds that banks have violated rules, the relevant parties will be dealt with strictly in accordance with the law.