South Korea's financial watchdog has started tracing Samsung Group Chairman Lee Kun-hee's accounts under borrowed names to impose a fine on him.

The Financial Supervisory Service(FSS) set up a task force on Monday, sending inspectors to four local securities firms for a special inspection. 

The task force plans to check transaction records and balances of Lee's accounts under borrowed names at the four security firms, including Korea Investment and Securities and Shinhan Investment.

Last week, the Ministry of Government Legislation presented a statutory interpretation that out of about 15-hundred accounts of Lee under false names, 27 accounts at the four securities firms are subject to fines.