South Korea Launches Major Bank Forex Audit

South Korea's central bank, the Bank of Korea, and the Financial Supervisory Service have initiated a significant joint examination of major foreign-exchange banks. This critical inspection process commenced on Wednesday and represents the first such comprehensive review in 14 years. The oversight will involve both on-site visits and off-site assessments, indicating a thorough approach to evaluating the banks' operations. The primary objective of these joint examinations is to ascertain the practices and compliance levels within these key financial institutions. This initiative signals a heightened focus on financial market stability and regulatory vigilance in South Korea.