SEOUL, June 22 (Korea Bizwire) – Korea’s Financial Supervisory Service (FSS) revealed Tuesday that it has decided to implement a ‘Paparazzi Policy for Financial Malpractice’, through which informants can receive up to 10 million won ($8,600) in rewards. The policy will be operated until year’s end in order to dissuade unlawful financial activities, and encourage not just citizens but also insiders to expose such illicit acts.
The five areas that are subject to the policy are voice phishing and financial fraud, illegal private financing, illicit debt collection, unfair inducing practice by financial institutions, and insurance fraud.
The informant must provide specific information such as date, location, and details of the malpractice as well as corroborative facts in order to be eligible for a reward. Information already released by the media is not subject to a reward.
Informants can report their findings via Internet, mail, fax, and through civil complaint services.
The FSS recommended, if possible, that informants attach evidential materials such as videos, voice recordings, and written documents.
By Lina Jang (email@example.com)