The Financial Supervisory Service (FSS) has decided to strengthen the verification of banks’ loan documents and collateral valuation procedures in response to recent incidents of improper loans, including a case at Woori Bank involving a 350 billion won loan to a relative of former Chairman Son Tae-seung. The FSS will conduct intensive regular inspections of Woori Financial Holdings and Woori Bank next month. Additionally, the FSS held a task force meeting on improving the banking sector’s loan processes and discussed the need for enhancements and improvement tasks. The task force aims to revise the model standards for loan processes by October. Key improvement tasks include strengthening the verification process for income and employment documents and improving the collateral valuation process. The FSS also plans to conduct on-site inspections of Woori Financial Savings Bank, Woori Capital, and Woori Card, as well as assess the capital adequacy related to insurance company acquisitions and mergers pursued by Woori Financial.