[Law Firm Powerhouse Team] Kwangjang's Legal, Policy, and Supervisory "Triangular Squad"... "Breaking Through Complex Financial Regulations with 147 Experts"

Kwangjang Financial Regulatory Team
Jinhong Kwon, 26-Year Field Veteran
Sangrok Shin, Regulatory Architect
Moonseok Chae, Sanctions Specialist
Leading a 147-Strong Team

Financial Regulation Team members of the law firm Kwangjang, Advisor Moonseok Chae (from the left), Lawyer Jinhong Kwon, and Lawyer Sangrok Shin are posing for the photo. Photo by Dongju Yoon

"The era when complex and diverse regulatory risks could be handled solely with traditional banking and capital market laws is over."

This is the key message delivered by Jinhong Kwon, head of the Financial Regulation Team at the law firm Kwangjang, in an interview with The Asia Business Daily on June 17, 2026. In the past, financial firms only needed to be mindful of the intentions of financial regulators. Now, however, regulatory 'overseers' such as the Personal Information Protection Commission, the Fair Trade Commission, and the Ministry of Employment and Labor are appearing everywhere. The watershed moment came in 2023: the Personal Information Protection Commission conducted the first-ever inspection and sanction regarding personal data at non-life insurers, and the Fair Trade Commission launched a probe into alleged collusion in government bond interest rates among banks. Recently, the issue of collective bargaining rights for subcontracted workers at financial institutions, including banks affected by the 'Yellow Envelope Act' (the amended Trade Union Act), has emerged as a major point of contention.

To respond to this all-encompassing regulatory onslaught, Kwangjang's Financial Regulation Team has formed a 'three-pronged squad.' At its core are: Jinhong Kwon, an attorney with 26 years of experience at law firms; Sangrok Shin, who spent 20 years designing regulations at the Ministry of Economy and Finance and the Financial Services Commission before joining Kwangjang and now co-leads the team with Kwon; and Moonseok Chae, advisor, who handled thousands of sanction cases over six years at the Sanctions Deliberation Bureau of the Financial Supervisory Service (and served as its deputy director). Their strategy is to build an optimal line of defense by weaving together the meticulous legal logic of the law firm, the macro perspective of policymakers, and the sharp judgment of supervisory authorities.

The team's most decisive 'superior weapon' is organic collaboration powered by its overwhelming manpower. The Financial Group at Kwangjang consists of 147 experts (including lawyers, accountants, and advisors), making it the largest among domestic law firms. Kwon notes, "Every Monday, the core management team devises responses to current issues, and every other Tuesday, an expanded meeting is held with 30 advisors for in-depth discussions." At these meetings, not only traditional finance but also issues related to IT, virtual assets, and labor are addressed, demonstrating the collective intelligence needed to tackle complex financial regulations.

The team's advisory track record is also impressive. Recently, Kwangjang's Financial Regulation Team has successfully guided major commercial banks—including Woori Financial Group, Woori Bank, KB Kookmin Bank, and Busan Bank—through regular and comprehensive inspections and regulatory sanctions. In particular, the team has been at the forefront of major Financial Supervisory Service sanction issues in areas attracting significant market attention, such as suspicious foreign exchange remittance transactions in the banking sector, the Lime Fund crisis (KB Securities), and bond-type wrap and trust management at securities firms (including Mirae Asset, Eugene, SK, and DB).

In a rapidly changing financial environment, where will the next regulatory focus lie? Shin, a former regulatory 'designer,' stated, "The exercise of supervisory authority by financial regulators is becoming more sophisticated, aiming to maximize financial consumer protection and inclusive finance." He cited the 'responsibility structure chart' as the key regulatory flashpoint for next year. Kwon added, "While the intent of the responsibility structure chart is to clarify internal control authority and responsibility (R&R), from the perspective of regulated entities, it could serve as a clear basis for punishment in the event of an incident. It is vital to proactively check not just the documentation, but also whether the actual systems operate in line with policy expectations." He also offered practical advice for responding to Financial Supervisory Service inspections. Advisor Chae warned, "Submitting sloppy or incorrectly processed data under deadline pressure is the worst mistake." He emphasized that, instead of taking a passive, purely defensive approach, it is essential to practice 'smart cooperation'—consulting promptly with the law firm, submitting transparent materials, and clearly explaining any legal points of contention.

Looking ahead, Kwangjang's Financial Regulation Team described their ultimate objective as follows: "Beyond acting as 'firefighters' who respond after incidents occur, we aim to be the optimal partners who diagnose and defend against regulatory risks in advance."

This content was produced with the assistance of AI translation services.