Woori Bank's headquarters in Seoul / Courtesy of Woori Bank

Another financial scandal involving 5.5 billion won ($4.1 million) has been uncovered at Woori Bank.

According to sources, Woori Bank disclosed the financial incident on Monday, which involved falsified documents submitted by an external party between July 2 and Aug. 1.

The bank revealed that an external party submitted fraudulent documents to secure a loan for the purchase of a residential studio. The incident was uncovered during a routine branch inspection.

The bank said it anticipates no difficulties in recovering the funds, as the collateral is valued at 7.9 billion won. Additionally, the borrower has not missed any interest payments thus far.

Following a thorough investigation, the bank plans to consider filing a criminal complaint or accusation.

This marks the third major financial incident that Woori Bank has disclosed this year.

In June, an embezzlement case involving over 10 billion won was uncovered at a branch in South Gyeongsang Province, prompting the bank to replace its compliance officer and pledge measures to prevent future incidents.

In August, the bank was criticized by financial authorities for delaying the reporting of a wrongful loan case involving a relative of its former group chairman, Sohn Tae-seung. The bank reported this as a financial incident involving 16.5 billion won.

Meanwhile, the Financial Supervisory Service will begin a regular inspection of Woori Bank and Woori Financial Group from Oct. 7.