National Tax Service Launches Special Audit on KB Kookmin Bank

South Korea's National Tax Service has initiated a special, non-regular tax audit targeting KB Kookmin Bank. The Seoul Regional Tax Office's Investigation Division 4, responsible for in-depth probes into suspected corporate tax evasion and the creation of slush funds, deployed around 30 investigators to the bank's headquarters on Tuesday. They began securing accounting records as part of the investigation.

The audit is scheduled to continue until the end of the year, though the specific reasons for the investigation have not yet been officially confirmed. KB Kookmin Bank is reportedly closely monitoring the situation as it seeks to understand the scope and details of the inquiry.

This move follows similar non-regular tax audits conducted by the Seoul Regional Tax Office in May on Hana Financial Group, Hana Bank, and Meritz Securities. Those audits occurred shortly after President Lee Jae-myung's remarks expressing concern about the perceived vulnerability of public institutions, leading to speculation about a broader crackdown on the financial sector.