SEOUL, October 24 (AJP) - Remittances to Cambodia through South Korea’s NH NongHyup Bank have soared in recent years, prompting concerns among lawmakers and regulators about potential links to voice phishing and organized crime.
According to data released by Rep. Eo Gi-gu of the Democratic Party, the amount sent to Cambodia has nearly tripled since 2021.
Annual remittances rose from 36.8 billion won ($25.7 million) in 2021 to 45.9 billion won in 2022, 94.2 billion won in 2023, and 103.8 billion won this year. As of September, total transfers over the period had reached 360.5 billion won ($251.7 million), with roughly 88 percent originating from South Korean senders.
“With the rise of kidnapping and extortion-related voice phishing centered in Cambodia, NH NongHyup Bank’s anti-fraud system remains inadequate,” Rep. Eo said. “The risk of remittances being misused for criminal purposes is significant, and the bank must strengthen its overseas account verification, transaction monitoring, and transparency in local operations and donations.”
Authorities have frozen 31 accounts since last year, citing possible involvement in voice phishing operations connected to kidnapping and extortion schemes.
Despite investing about 5.4 billion won in anti-fraud systems since 2020, NH NongHyup Bank has struggled to curb such crimes. Between 2020 and August 2025, the bank recorded 8,807 voice phishing cases with total losses of 136.6 billion won, recovering only about 21.7 billion won.
The bank has also come under scrutiny for its charitable activities in Cambodia.
From 2022 to this year, NH NongHyup donated $37,000 to AFESIP, a Cambodian women’s support group founded by Somaly Mam, whose credibility was discredited after reports of fabricated testimonies led to the loss of her organization’s nonprofit status in the United States. The U.S. Embassy in Cambodia has also raised concerns about AFESIP’s financial management.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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