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ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION

Presidential Decree No. 17416, Nov. 24, 2001

Amended by Presidential Decree No. 17791, Dec. 5, 2002

Presidential Decree No. 18228, Jan. 20, 2004

Presidential Decree No. 18312, Mar. 17, 2004

Presidential Decree No. 19054, Sep. 27, 2005

Presidential Decree No. 20653, Feb. 29, 2008

Presidential Decree No. 20947, Jul. 29, 2008

Presidential Decree No. 21114, Nov. 11, 2008

Presidential Decree No. 21480, May 6, 2009

Presidential Decree No. 22104, Mar. 26, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 24317, Jan. 16, 2013

Presidential Decree No. 24435, Mar. 23, 2013

Presidential Decree No. 24683, Aug. 6, 2013

Presidential Decree No. 24842, Nov. 13, 2013

Presidential Decree No. 25751, Nov. 19, 2014

Presidential Decree No. 26818, Dec. 30, 2015

Presidential Decree No. 27038, Mar. 22, 2016

Presidential Decree No. 27090, Apr. 5, 2016

Presidential Decree No. 27205, May 31, 2016

Presidential Decree No. 28145, jun. 27, 2017

Presidential Decree No. 28152, jun. 27, 2017

Presidential Decree No. 28218, Jul. 26, 2017

 Article 1 (Purpose)
The purpose of this Decree is to prescribe the matters delegated by the Act on Reporting and Using Specified Financial Transaction Information and other matters necessary for the enforcement thereof. <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 24683, Aug. 6, 2013>
 Article 2 (Financial Companies, etc.)
"Persons prescribed by Presidential Decree" in subparagraph 1 (n) of Article 2 of the Act on Reporting and Using Specified Financial Transaction Information (hereinafter referred to as the "Act") means those falling under any of the following subparagraphs: <Amended by Presidential Decree No. 17791, Dec. 5, 2002; Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015; Presidential Decree No. 27205, May 31, 2016; Presidential Decree Nos. 28145 & 28152, Jun. 27, 2017>
1. The Credit Guarantee Fund under the Credit Guarantee Fund Act;
2. The Korea Technology Finance Corporation under the Korea Technology Finance Corporation Act;
3. Discretionary investment business entities under the Financial Investment Services and Capital Markets Act;
4. Deleted; <by Presidential Decree No. 19054, Sep. 27, 2005>
5. Specialized credit financial business companies and venture business investment associations under the Specialized Credit Finance Business Act;
6. Forestry cooperatives and the National Federation thereof under the Forestry Cooperatives Act;
7. Financial holding companies under the Financial Holding Companies Act;
8. Small and medium enterprise start-up investment companies and small and medium enterprise start-up investment associations under the Support for Small and Medium Enterprise Establishment Act;
9. Deleted; <by Presidential Decree No. 26818, Dec. 30, 2015>
10. Foreign currency exchange service provider registered under Article 8 (3) 1 of the Foreign Exchange Transactions Act;
11. Nonghyup Life Insurance Co., Ltd. and Nonghyup Property and Casualty Insurance Co., Ltd. under Article 161-12 of the Agricultural Cooperatives Act;
12. A small-sum overseas remittance service provider registered under Article 8 (3) 2 of the Foreign Exchange Transactions Act.
 Article 3 (Financial Transactions)
(1) The term "other transactions prescribed by Presidential Decree" in subparagraph 2 (b) of Article 2 of the Act means those falling under each of the following subparagraphs:
1. Transactions arising from business of loan, guarantee, insurance, mutual aid, factoring (referring to business of acquisition by transfer, management or collection of accounts receivable acquired by means of provision of goods or services by an enterprise), keeping securities, safe lending;
2. Transactions arising from business of credit card, debit card, prepaid card, facilities leasing, deferred payment sale, installment financing, and venture capital under the Specialized Credit Finance Business Act;
3. Transactions arising from business of foreign exchange under the Foreign Exchange Transactions Act (hereinafter referred to as the "foreign exchange transaction").
(2) The term "alternative of cash or checks prescribed by Presidential Decree at the place of business of a casino business operator" in subparagraph 2 (c) of Article 2 of the Act means a chip used for betting in a casino determined and publicly announced by the Minister of Culture, Sports and Tourism pursuant to Article 25 of the Tourism Promotion Act.
[This Article Wholly Amended by Presidential Decree No. 21114, Nov. 11, 2008]
 Article 4 Deleted. <by Presidential Decree No. 21114, Nov. 11, 2008>
 Article 5 (Duties of Korea Financial Intelligence Unit)
(1) "Duties prescribed by Presidential Decree" in Article 3 (1) 5 of the Act means: <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Research on money laundering and terrorist financing trend and countermeasures;
2. Provision of education, training and other consulting services for financial companies, etc. to tackle money laundering and the financing of terrorism;
3. Promotion of cooperation and exchange of information domestically and internationally to tackle money laundering and the financing of terrorism.
(2) The Commissioner of the Korea Financial Intelligence Unit provided for in Article 3 of the Act (hereinafter referred to as the "Korea Financial Intelligence Unit") shall build a computer system necessary to efficiently report, manage and utilize information reported by financial companies, etc. pursuant to Article 4-2 (1) and (2) of the Act and specified financial transaction information referred to in Article 7 (1) of the Act (hereinafter referred to as "specified financial transaction information"), and take necessary measures for protection and security of such computer system. <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 24683, Aug. 6, 2013>
(3) The Commissioner of the Korea Financial Intelligence Unit (hereinafter referred to as the “Commissioner of the Korea Financial Intelligence Unit”) may establish and operate a council that is comprised of public officials belonging to the Korea Financial Intelligence Unit, the Prosecutors’ Office, the National Police Agency, the Korea Coast Guard, the National Tax Service, the Korea Customs Service, the National Election Commission, the Financial Services Commission, and the National Intelligence Service in order to operate the Korea Financial Intelligence Unit efficiently and review whether specified financial transaction information provided under Article 7 (1), (2) and (4) of the Act is used appropriately. <Newly Inserted by Presidential Decree No. 24842, Nov. 13, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 27090, Apr. 5, 2016; Presidential Decree No. 28218, Jul. 26, 2017>
(4) The Commissioner of the Korea Financial Intelligence Unit may determine and publicly announce the details of the following matters, taking into account recommendations by international treaties and international organizations with respect to prevention of money laundering and prohibition of terrorist financing: <Newly Inserted by Presidential Decree No. 22104, Mar. 26, 2010; Presidential Decree No. 24842, Nov. 13, 2013>
1. Matters relating to preservation of records reported under Article 4 (4) of the Act;
2. Matters relating to establishment of an internal reporting system under subparagraph 1 of Article 5 of the Act;
3. Matters relating to preparation and implementation of work guidelines under subparagraph 2 of Article 5 of the Act;
4. Matters relating to education and training of executive officers and employees under subparagraph 3 of Article 5 of the Act;
5. Matters relating to measures for verification under Article 5-2 (1) of the Act.
 Article 6 Deleted. <by Presidential Decree No. 24842, Nov. 13, 2013>
 Article 7 (Method for Reporting, etc. on Transactions of Suspected Illegal Assets, etc.)
(1) A financial company, etc. that files a report pursuant to Article 4 (1) of the Act shall report the matters provided in the following subparagraphs by using documents, electronic recording mediums or other methods prescribed by the Commissioner of the Korea Financial Intelligence Unit according to the form determined by the Commissioner of the Korea Financial Intelligence Unit: <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 22104, Mar. 26, 2010; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 24842, Nov. 13, 2013>
1. Name and location of the reporting financial companies, etc.;
2. Date and place of the financial transaction subject to reporting;
3. Other party to the financial transaction subject to reporting;
4. Details of the financial transaction subject to reporting;
5. Reasonable grounds for suspicion under Article 4 (3) of the Act;
6. Other necessary matters prescribed by the Commissioner of the Korea Financial Intelligence Unit to analyze the financial transaction subject to reporting.
(2) When a financial company, etc. files a report under paragraph (1), it shall retain the relevant report and the records referred to in the subparagraphs of Article 4 (4) of the Act separately from other financial transaction records. In such cases, such materials may be kept in the form of copies of documents or via a microfilm or electronic information processing system. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(3) The real name under Article 4 (4) 1 of the Act shall refer to the real name (hereinafter referred to as "real name") referred to in the Act on Real Name Financial Transactions and Confidentiality (hereinafter referred to as the "Real Name Financial Transactions Act"). <Amended by Presidential Decree No. 19054, Sep. 27, 2005>
 Article 8 (Provision of Reference Examples for Financial Transactions Subject to Reporting)
The Commissioner of the Korea Financial Intelligence Unit may provide financial companies, etc. with the types of transactions placed at higher risk of money laundering and financing for terrorism, such as large amount of cash transactions that have neither obvious economic rationality nor legitimate purposes, financial transactions conducted through accounts opened in others' names, etc., to help them determine whether financial transactions handled by financial companies, etc. fall under those referred to in Articles 4 (1) and 4-2 (2) of the Act. <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 24842, Nov. 13, 2013>
 Article 8-2 (Reference Amount Subject to Reporting on Cash Transactions in Large Amount, etc.)
(1) The term "amount prescribed by Presidential Decree" in the main sentence other than each subparagraph of Article 4-2 (1) of the Act means 20 million won. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(2) The amount referred to in paragraph (1) shall be calculated by adding up the amounts paid or received by financial companies, etc. based on financial transactions on its first day of trading in the name of the same person: Provided, That where a casino business operator (hereinafter referred to as "casino business operator") under subparagraph 1 (m) of Article 2 of the Act engages in making financial transactions falling under subparagraph 2 (c) of the same Article, it shall be calculated based on the amount of money paid or received for each transaction. <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
(3) The term "name of the same person" in paragraph (2) means the same person’s real name.
(4) In adding up the amounts pursuant to paragraph (2), the amounts provided in the following subparagraphs shall be excluded therefrom:
1. The remittance (including any payment made without using a bankbook) of an amount not more than one million won;
2. The amount of purchase or sale of any foreign currency equivalent to not more than one million won;
3. The amount of receipt or payment of public imposts, etc. determined by the Commissioner of the Korea Financial Intelligence Unit.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 8-3 (Means of Payment Similar to Cash)
The term "means of payment prescribed by Presidential Decree" in the main sentence other than each subparagraph of Article 4-2 (1) of the Act means a check the face value of which exceeds one million won, among checks paid or received by a casino business operator where it engages in making financial transactions falling under subparagraph 2 (c) of Article 2 of the Act: Provided, That the same shall not apply to cases where the casino business operator records and manages the real name and serial number of a check after identifying the real name while it pays in or receives the check. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
[This Article Newly Inserted by Presidential Decree No. 21114, Nov. 11, 2008]
 Article 8-4 (Financial Companies, etc. Not Subject to Reporting on Cash Transactions in Large Amount, etc.)
The term "those prescribed by Presidential Decree" in Article 4-2 (1) 1 of the Act means a casino business operator (excluding any casino business operator governed by the Act on the Management of Public Institutions).
[This Article Newly Inserted by Presidential Decree No. 21114, Nov. 11, 2008]
 Article 8-5 (Scope of Public Organizations)
The term "public organization prescribed by Presidential Decree" in Article 4-2 (1) 2 of the Act means any entity falling under any of the following subparagraphs (excluding financial companies, etc.): <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Public agencies under the Act on the Management of Public Institutions;
2. Deleted; <by Presidential Decree No. 21114, Nov. 11, 2008>
3. Government-invested research institutions, government-invested research institutions of science and technology, and research councils established under the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes, Etc. and the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes, Etc.;
4. Local government-directly operated enterprises, local government-invested public corporations and local government public corporations established under the Local Public Enterprises Act;
5. Other juristic persons designated by the Commissioner of the Korea Financial Intelligence Unit, which are invested, contributed or subsidized by the Government pursuant to Acts or directly incorporated pursuant to Acts without any authorization or permission of the competent Minister and are deemed to have no risks of money laundering and financing for terrorism.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 8-6 (Methods for Reporting Cash Transactions in Large Amount, etc.)
(1) A financial company, etc. which files a report pursuant to Article 4-2 (1) of the Act shall report the matters falling under each of the following subparagraphs by using online means, documents, electronic recording mediums or other devices determined by the Commissioner of the Korea Financial Intelligence Unit according to the form determined by the Commissioner of the Korea Financial Intelligence Unit: <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
1. Name and location of the reporting financial companies, etc.;
2. Date and place when and where payment or receipt of cash has been made;
3. Other party to the payment or receipt of cash;
4. Details of the payment or receipt of cash;
5. Other matters prescribed by the Commissioner of the Korea Financial Intelligence Unit as necessary for analyzing the payment or receipt of cash.
(2) The provisions of Article 7 (1) and (2) shall apply mutatis mutandis with respect to the report referred to in Article 4-2 (2) of the Act.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 8-7 (Designation of Intermediary, etc.)
(1) When the Commissioner of the Korea Financial Intelligence Unit has designated an intermediary (hereinafter referred to as an "intermediary") under Article 4-2 (3) of the Act, he/she shall publicly announce it.
(2) Financial companies, etc. may report cash transactions in large amount to the Commissioner of the Korea Financial Intelligence Unit through an intermediary. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(3) The Commissioner of the Korea Financial Intelligence Unit may determine the standards for dealing with the business of an intermediary and have such intermediary determine the detailed standards for its operation.
(4) Where the head of an intermediary has determined the detailed standards for operation pursuant to paragraph (3), he/she shall give immediate notice of such details to the Commissioner of the Korea Financial Intelligence Unit.
[This Article Newly Inserted by Presidential Decree No. 21114, Nov. 11, 2008]
 Article 9 (Notification of Appointment or Dismissal of Employees in Charge of Reporting)
A financial company, etc. shall give notice of appointment or dismissal of a person responsible for reporting under subparagraph 1 of Article 5 of the Act to the Commissioner of the Korea Financial Intelligence Unit. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
 Article 10 (Exceptions to Appointment, etc. of Persons Responsible for Reporting)
(1) The term "those determined by Presidential Decree" in Article 5 of the Act with the exception of its subparagraphs means each of the following: <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Financial securities companies and transfer agency companies under the Financial Investment Services and Capital Markets Act;
2. Deleted; <by Presidential Decree No. 19054, Sep. 27, 2005>
3. Collective investment business entities under the Financial Investment Services and Capital Markets Act;
4. Financial holding companies under the Financial Holding Companies Act.
(2) The Commissioner of the Korea Financial Intelligence Unit may grant partial exemptions from the measures provided in each subparagraph of Article 5 of the Act to those referred to in the following subparagraphs to the extent that they cause no impediment to the efficient prevention of money laundering and financing for terrorism: <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Financial companies, etc. referred to in subparagraphs 1 through 3, 5, 6 (limited to the National Federation), and 8 through 10 of Article 2;
2. Trust business entities which are engaged only in the real estate trust business from among those trust business entities provided in the Financial Investment Services and Capital Markets Act;
3. Credit cooperatives and the National Federation thereof under the Community Credit Cooperatives Act;
4. Credit unions (excluding regional unions) and the National Federation thereof under the Credit Unions Act;
5. Insurance companies which carry mainly on the guarantee insurance and re-insurance business from among those insurance companies provided in the Insurance Business Act;
6. Korea Federation of Savings Banks under the Mutual Savings Banks Act.
 Article 10-2 (Cases Requiring Verification of Identity of Customers)
(1) Responsibility for verification prescribed in each subparagraph of Article 5-2 (1) of the Act (hereinafter referred to as "verification of the identity of customers") shall be applicable to financial transactions: Provided, That financial companies, etc. may be exempt from responsibility for verification under Article 5-2 (1) 1 of the Act where they conduct the financial transactions determined and publicly announced by the Commissioner of the Korea Financial Intelligence Unit, such as financial transactions where it is not proper to verify the identity of customers by its nature or where there is low risk of money laundering and terrorist financing. <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
(2) "Opening of a new account" in Article 5-2 (1) 1 of the Act" means to conclude a contract with financial companies, etc. for the purpose of commencing the financial transactions provided for in paragraph (1), and "single financial transactions" means financial transactions conducted without using the accounts opened with financial companies, etc. <Amended by Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015>
(3) Where the identity of customers is suspicious, the relevant financial company, etc. may verify the identity of such customers with reliable documents, information or other materials. In such cases, the relevant financial company, etc. shall reflect the materials related to such verification and the methods thereof in the work guidelines referred to in the latter part of Article 5-2 (1) of the Act to put them into practice. <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015>
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 10-3 (Amount of Single Financial Transactions)
(1) "The amount prescribed by Presidential Decree" in Article 5-2 (1) 1 of the Act means the amounts under the following classification: <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015>
1. USD 10,000 or the amount denominated in other currencies equivalent thereto where foreign exchange transactions are made in a foreign currency;
2. KRW 20 million, except as otherwise provided for in subparagraph 1.
(2) In calculating the amount of financial transactions stipulated in paragraph (1), where there is a difference between the nominal value of assets subject to the financial transactions and the actual market price thereof, it shall be computed on a basis of the actual market price.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 10-4 (Matters relating to Identity of Customers)
"Matters relating to the identity of customers prescribed by Presidential Decree" in Article 5-2 (1) 1 (a) of the Act means matters under the following classification: <Amended by Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015>
1. For an individual (including an individual who conducts financial transactions while disclosing the fact that he/she carries out the financial transactions for another individual, corporation or any other organization): Real name, address, contact information (referring to a telephone number and e-mail address; hereinafter the same shall apply);
2. For a profit-making corporation: Real name, business category, the location of its principal office and places of business, contact information, and the name of its representative;
3. For a non-profit corporation or any other organization: Real name, the purpose of its establishment, the location of its principal office, contact information, and the name of its representative;
4. For a foreigner or foreign organization: Matters corresponding to those specified in subparagraphs 1 through 3, nationality, the location of residence or office in Korea.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 10-5 (Verification of Identity of Actual Owners)
(1) Where any person (hereinafter referred to as "actual owner" in this Article) ultimately governs, or controls, an individual customer, etc. who makes a promise or agreement to conduct financial transactions under his/her real name pursuant to the main sentence of Article 5-2 (1) 1 (b) of the Act, a financial company, etc. shall verify the real name, and the nationality (limited to where an actual owner is a foreigner; hereinafter the same shall apply in this Article), of such actual owner.
(2) Where any person with a beneficial ownership interest in a customer corporation or customer organization falls under any of the following, a financial company, etc. shall verify the name, the date of birth (excluding cases falling under subparagraph 3) and the nationality of such person pursuant to the proviso to Article 5-2 (1) 1 (b) of the Act. In such cases, where the financial company, etc. is unable to verify the identity of a person falling under subparagraph 1, it shall verify the identity of a person falling under subparagraph 2; where the financial company, etc. is unable to verify the identity of a person falling under subparagraph 2, it shall verify the identity of a person falling under subparagraph 3, respectively:
1. A person who owns (hereinafter referred to as "shareholder, etc." in this Article) at least 25 percent of the issued and outstanding voting shares (including the total amount of investment; hereafter the same shall apply in this Article) of the relevant corporation or organization or other investment stakes (including depository receipts related to its shares or other investment stakes; hereafter the same shall apply in this Article);
2. A person who falls under any of the following:
(a) A shareholder, etc. who holds the largest portion of shares or other investment stakes, based on the total number of the issued and outstanding voting shares of the relevant corporation or organization;
(b) A shareholder, etc. who has appointed a majority of representatives, managing partners, executives, etc. solely or by agreement, contract, etc. with other shareholders, etc.;
(c) A person who substantially controls the relevant corporation or organization if he/she is clearly different from shareholders, etc. falling under items (a) and (b);
3. The representative of the relevant corporation or organization.
(3) Notwithstanding the latter part of paragraph (2), where a shareholder, etc. falling under subparagraph 1 or 2 (a) of the aforementioned paragraph is another corporation or organization, a financial company, etc. may verify the name, the date of birth, and the nationality of any of the following persons who may exercise dominant influence over important managerial matters of other corporations or organizations. In such cases, where a person falling under subparagraph 1 or 2 (a) is other corporations or organizations, a financial company, etc. may verify the name, the date of birth, and the nationality of any of the following persons in relation to other corporations or organizations:
1. A shareholder, etc. who owns at least 25 percent of the issued and outstanding voting shares;
2. A person who falls under any of the following:
(a) A shareholder, etc. who holds the largest portion of shares or other investment stakes, based on the total number of the issued and outstanding voting shares of the relevant corporation or organization;
(b) A shareholder, etc. who has appointed a majority of representatives, managing partners, executives, etc. solely or by agreement, contract, etc. with other shareholders, etc.;
(c) A person who substantially controls the relevant corporation or organization if he/she is clearly different from shareholders, etc. falling under items (a) and (b).
(4) In applying paragraphs (2) and (3), where there are a multiple number of persons falling under paragraph (2) 1 or 2, or (3) 1 or 2, a financial company, etc. shall verify the identity of a shareholder, etc. who holds the largest number of the issued and outstanding voting shares or other investment stakes: Provided, That where deemed necessary to prevent money laundering or the financing of terrorism through financial transactions, a financial company, etc. may verify the identity of all or some of persons falling under paragraph (2) 1 or 2, or (3) 1 or 2.
(5) Notwithstanding paragraphs (2) through (4), where a customer corporation or organization falls under any of the following, a financial company, etc. need not verify the identity thereof under paragraphs (2) and (3):
1. The State or a local government;
2. A public organization provided for in Article 4-2 (1) 2 of the Act;
3. Other financial companies, etc. (excluding a casino business operator under Article 8-4);
4. A corporation which shall submit an annual report under Article 159 (1) of the Financial Investment Services and Capital Markets Act.
[This Article Newly Inserted by Presidential Decree No. 26818, Dec. 30, 2015]
 Article 10-6 (Procedure, etc. for Verification of Identity of Customers)
(1) Each financial company, etc. shall verify the identity of a customer before conducting financial transactions: Provided, That where the Commissioner of the Korea Financial Intelligence Unit prescribes that it is inevitable due to the nature, etc. of financial transactions, the financial company, etc. may verify the identity of the customer after conducting financial transactions. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(2) A financial company, etc. may omit the verification of the identity of a customer where it conducts a financial transaction again with the same customer after his/her identity has been verified under Article 5-2 (1) 1 of the Act: Provided, That where the previously verified matters are likely to be in discord with facts or where the validity thereof is doubtful, it shall verify the identity of the customer. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
 Article 10-7 (Thresholds for Wire Transfers Subject to Provision of Information)
"The amount prescribed by Presidential Decree” in Article 5-3 (1) of the Act means the amount exceeding any of the following amounts:
1. In case of domestic wire transfers: KRW one million or the amount denominated in any other currency equivalent thereto;
2. In case of cross-border wire transfers: USD 1,000 or the amount denominated in any other currency equivalent thereto.
[This Article Newly Inserted by Presidential Decree No. 24842, Nov. 13, 2013]
 Article 11 (Notification of Records, etc. of Foreign Exchange Transactions)
(1) The term "others prescribed by Presidential Decree" in Article 6 (1) of the Act means the heads of foreign exchange information concentration institutions referred to in Article 13 (2) 2 of the Enforcement Decree of the Foreign Exchange Transactions Act (hereinafter referred to as "foreign exchange information concentration institutions"). <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 24683, Aug. 6, 2013>
(2) The scope of records subject to notification pursuant to Article 6 (2) of the Act shall be as follows: <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20653, Feb. 29, 2008>
1. Records which are permitted by the Governor of the Bank of Korea or reported to the heads of customs offices with respect to the exportation or importation of the means of payment, etc. under Article 17 of the Foreign Exchange Transactions Act;
2. Records which are necessary for the Korea Financial Intelligence Unit to perform its services and determined by the heads of foreign exchange information concentration institutions after consultation with the Minister of Strategy and Finance, from among those concentrated to the heads of foreign exchange information concentration institutions under Article 21 of the Foreign Exchange Transactions Act.
(3) The Governor of the Bank of Korea, the heads of customs offices and the heads of foreign exchange information concentration institutions shall notify, in an electronic document, the Commissioner of the Korea Financial Intelligence Unit of the records referred to in paragraph (2) every month not later than the tenth day of the following month: Provided, That where the Commissioner of the Korea Financial Intelligence Unit determines separately the time, methods, etc. of such notification after consultation with the Governor of the Bank of Korea, the heads of customs offices and the heads of foreign exchange information concentration institutions, respectively, it shall prevail.
 Article 11-2 (Provision of Information to Investigative Agencies)
"Information prescribed by Presidential Decree” in Article 7 (1) 1 and 2 of the Act means the following information, which is related to illegal property, money laundering or terrorist financing: <Amended by Presidential Decree No. 27090, Apr. 5, 2016>
1. Information to be provided to the Prosecutor General: Information that is necessary to investigate criminal cases;
2. Information to be provided to the Commissioner of the National Tax Service:
(a) Information falling under any of the following, which is deemed necessary to conduct an investigation into alleged tax evasion:
(i) The relevant information, where information (limited to information related to alleged tax evasion) reported under Article 4 (1) of the Act and information reported under Article 4-2 of the Act are overlapped or closely related to each other;
(ii) The relevant information, where a person is suspected of tax evasion due to high frequency of cash transactions or the excessive amount thereof, compared with the turnover of his/her business or the scale of his/her assets or income;
(iii) The relevant information, where the offshore tax evasion is likely to occur;
(iv) The relevant information, where the Commissioner of the National Tax Service provides reasonable grounds to suspect that tax evasion is likely to occur;
(b) Information that is deemed necessary to collect taxes from delinquent taxpayers;
3. Information to be provided to the Commissioner of the Korea Customs Service:
(a) Information falling under any of the following, which is deemed necessary to investigate violation of regulations concerning customs or investigate alleged evasion of customs duty:
(i) The relevant information, where information (limited to information related to alleged evasion of customs duty) reported under Article 4 (1) of the Act and information reported under Article 4-2 of the Act are overlapped or closed related to each other;
(ii) The relevant information, where a person is suspected of evasion of customs duty due to high frequency of cash transactions or the excessive amount thereof, compared with the scale of imports or exports;
(iii) The relevant information, where a person is suspected of being invovled in illegal foreign exchange transactions, in violation of the Foreign Exchange Transactions Act;
(iv) The relevant information, where the Commissioner of the Korea Customs Service provides reasonable grounds to suspect that evasion of customs duty is likely to occur;
(b) Information that is deemed necessary to collect customs from delinquent taxpayers;
4. Information to be provided to the National Election Commission: Information deemed necessary to investigate violations of the Political Fund Act;
5. Information to be provided to the Financial Services Commission: Information deemed necessary to perform duties of financial supervision;
6. Information to be provided to the Director of the National Intelligence Service: Information deemed necessary to investigate persons likely to commit terrorist acts.
[This Article Newly Inserted by Presidential Decree No. 24842, Nov. 13, 2013]
 Article 12 (Provision of Specified Financial Transaction Information to Minister of Public Safety and Security, etc.)
"Specified financial transaction information prescribed by Presidential Decree" in Article 7 (2) of the Act means specified financial transaction information that meets the standards determined by the Commissioner of the Korea Financial Intelligence Unit in consideration of the amounts of criminal proceeds, the kinds and the nature of offenses, the status of offenders, the efficiency of investigation, etc. after consulting with the Prosecutor General, the Commissioner General of the National Police Agency, and the Commissioner General of the Korea Coast Guard. <Amended by Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 28218, Jul. 26, 2017>
 Article 13 (Request, etc. by Prosecutor General, etc. for Providing Information)
(1) When the Prosecutor General, the Commissioner General of the National Police Agency, the Commissioner General of the Korea Coast Guard, the Commissioner of the National Tax Service, the Commissioner of the Customs Service, the National Election Commission, the Financial Services Commission or the Director of the National Intelligence Service requests the Commissioner of the Korea Financial Intelligence Unit to provide specified financial transaction information pursuant to Article 7 (4) of the Act, he/she or it shall submit the documents stating the matters specified in Article 7 (5) of the Act directly to the Korea Financial Intelligence Unit: Provided, That in case of emergency, such documents may be submitted by mail, facsimile, electronic transmission. <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 27090, Apr. 5, 2016; Presidential Decree No. 28218, Jul. 26, 2017>
(2) Pursuant to Article 7 (7) of the Act, the Commissioner of the Korea Financial Intelligence Unit shall store the following matters related to providing specified financial transaction information in written form or electronically:
1. Positions and names of the staff members of the Korea Financial Intelligence Unit involved in the process of review, analysis or the provision of information;
2. Names of the institutions provided with specified financial transaction information, and the date of such provision;
3. Institutions whereto the public officials who have received specified financial transaction information belong, and their positions and names;
4. Details of specified financial transaction information offered, and the grounds for such provision.
 Article 13-2 (Organization and Operation of Information Analysis Council)
(1) The Commissioner of the Korea Financial Intelligence Unit shall be the
Chairperson (hereinafter referred to as the “Chairperson”) of the Information Analysis Council (hereinafter referred to as the “Council”) under Article 7 (8) of the Act and the following persons shall be its members:
1. A person that takes overall charge of examination and analysis under Article 7 (9) of the Act;
2. A person appointed by the Commissioner of the Korea Financial Intelligence Unit and recommended by the Chief Justice of the Supreme Court, from among judges with at least 10 years of experiences.
(2) The Chairperson shall convene meetings of the Council and preside over such meetings.
(3) When the Chairperson is unable to perform his/her duties due to extenuating circumstances, any member appointed in advance by the Chairperson shall act on behalf of him/her.
(4) The resolution of a meeting of the Council shall require the consent of a majority of all the incumbent members, including the Chairperson.
(5) No meeting of the Council shall be disclosed.
(6) The Council shall have one secretary that performs duties of the Council and the secretary shall be appointed by the Chairperson, from among public officials belonging to the Korea Financial Intelligence Unit.
(7) Other than those prescribed in paragraphs (1) through (6), detailed matters necessary for operation of the Council shall be prescribed by the Chairperson.
[This Article Newly Inserted by Presidential Decree No. 24842, Nov. 13, 2013]
 Article 13-3 (Preservation and Destruction of Specified Financial Transaction Information, etc.)
(1) Periods during which the Commissioner of the Korea Financial Intelligence Unit shall preserve information, etc. provided for in Article 9-2 (1) of the Act (hereinafter referred to as "information, etc." in this Article) shall be as follows:
1. Specified financial transaction information, information provided pursuant to Article 5-3 (2) of the Act, records notified pursuant to Article 6 of the Act, and information or data related to financial transactions provided in accordance with Article 10 (3) of the Act: 25 years;
2. Information provided pursuant to Article 10 (1) of the Act: Five years: Provided, That where the Commissioner of the Korea Financial Intelligence Unit deems that the relevant information is less likely to be used to investigate or examinate criminal cases, etc., he/she may destroy the relevant information even before five years have passed;
3. Credit information provided pursuant to Article 10 (2) of the Act: Five years;
4. Financial transaction information or other information provided pursuant to Article 11 (7) of the Act: Ten years (limited to where the Commissioner of the Korea Financial Intelligence Unit exercises supervision or conducts an examination pursuant to paragraph (1) of the aforesaid Article).
(2) The period referred to in paragraph (1) shall be counted from January 1 of the year following the year in which the relevant information, etc. is provided or notified.
(3) The Commissioner of the Korea Financial Intelligence Unit may destroy information, etc. referred to in paragraph (1) 2 through 4 after the periods specified in paragraph (1) have elapsed, in accordance with procedures prescribed by him/her in addition to procedures under the Public Records Management Act, in consideration of the possibility to use such information for the investigation or examination of criminal cases, etc., and the necessity of the protection of personal information, etc. pursuant to the proviso to Article 9-2 (2) of the Act.
(4) The head of an institution entrusted with affairs (hereinafter referred to as "entrusted institution") pursuant to Article 11 (6) of the Act shall prepare guidelines for the preservation, management and destruction of financial transaction information or other information provided pursuant to paragraph (7) of the aforementioned Article in consultation with the Commissioner of the Korea Financial Intelligence Unit, and notify him/her of the current status of the preservation, management and destruction thereof each year.
[This Article Newly Inserted by Presidential Decree No. 26818, Dec. 30, 2015]
 Article 14 (Request for Provision of Records)
(1) "Data prescribed by Presidential Decree” under Article 10 (1) 4 of the Act means the following data: <Newly Inserted by Presidential Decree No. 24842, Nov. 13, 2013>
1. Data concerning application for business registration under Article 8 (1) of the Value-Added Tax Act;
2. Data concerning reports on closedown or business closure under Article 8 (6) of the Value-Added Tax Act or data concerning reports on changes in registered matters.
(2) Records that the Commissioner of the Korea Financial Intelligence Unit may request the head of the relevant administrative agency, etc. to provide pursuant to Article 10 (1) 5 of the Act shall be as specified in attached Table: <Newly Inserted by Presidential Decree No. 18228, Jan. 20, 2004; Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 24842, Nov. 13, 2013>
(3) Pursuant to Article 10 (2) of the Act, the Commissioner of the Korea Financial Intelligence Unit may request a credit information concentration institution to provide credit information by means of documents, facsimile, or electronic documents.
(4) The financial transaction information referred to in Article 10 (1) and (2) of the Act shall refer to the information or records provided in Article 6 of the Enforcement Decree of the Act on Real Name Financial Transactions and Guarantee of Secrecy. <Amended by Presidential Decree No. 19054, Sep. 27, 2005>
 Article 15 (Supervision, Inspection, etc.)
(1) "Cases prescribed by Presidential Decree" in Article 11 (4) 3 of the Act means cases where it is deemed that financial companies, etc. undermine or, are considerably likely to undermine, order in financial transactions by failing to submit a report under Article 4 (1) or 4-2 (1) or (2) of the Act or by submitting a false report, in collusion with the other party to a financial transaction or the interested party thereof. <Newly Inserted by Presidential Decree No. 24683, Aug. 6, 2013>
(2) "Those prescribed by Presidential Decree" in Article 11 (6) of the Act means the Minister of Science and ICT, the Minister of the Interior and Safety, the Minister of Trade, Industry and Energy, the Minister of SMEs and Startups, the Commissioner of the Korea Customs Service, the President of the National Agricultural Cooperative Federation, the President of the National Federation of Fisheries Cooperatives, the President of the National Forestry Cooperative Federation, the President of the National Credit Union Federation of Korea, and the President of the National Community Credit Cooperatives Federation. <Amended by Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 24435, Mar. 23, 2013; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 28218, Jul. 26, 2017>
(3) Pursuant to Article 11 (6) of the Act, the Commissioner of the Korea Financial Intelligence Unit shall entrust duties relating to inspections referred to in Article 11 (1) of the Act, measures referred to in Article 11 (2) 2 and 3 of the Act, and requests for measures referred to in Article 11 (3) 1 (c) through (e) and (3) 2 of the Act, in accordance with the following classifications: <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 24435, Mar. 23, 2013; Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 26818, Dec. 30, 2015; Presidential Decree No. 27038, Mar. 22, 2016; Presidential Decree Nos. 28145 & 28152, Jun. 27, 2017; Presidential Decree No. 28218, Jul. 26, 2017>
1. The Minister of Science and ICT: Postal offices under the Postal Savings and Insurance Act;
2. The Minister of the Interior and Safety: The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
3. The Minister of SMEs and Startups: Investment companies for the establishment of small or medium enterprises and small or medium enterprise establishment investment association under the Support for Small and Medium Enterprise Establishment Act;
4. The Commissioner of the Customs Service: Foreign currency exchange business operators registered under Article 8 (3) 1 of the Foreign Exchange Transactions Act;
5. Deleted; <by Presidential Decree No. 28218, Jul. 26, 2017>
6. Deleted; <by Presidential Decree No. 27038, Mar. 22, 2016>
7. The Governor of the Financial Supervisory Service: The following financial companies, etc.:
(a) The Korea Development Bank, the Export-Import Bank of Korea, the Industrial Bank of Korea and banks under the Banking Act;
(b) Financial companies, etc. defined in subparagraph 1 (e), (f) and (k) of Article 2 of the Act;
(c) Financial companies, etc. specified in subparagraphs 3, 5 and 7 of Article 2;
(d) Nonghyup Bank, Nonghyup Life Insurance Co., Ltd. and Nonghyup Property and Casualty Insurance Co., Ltd. under Articles 161-11 and 161-12 of the Agricultural Cooperatives Act;
(e) The Fisheries Cooperative Federation under the Fisheries Cooperatives Act, the National Credit Union Federation under the Credit Unions Act, and the Forestry Cooperative Federation under the Forestry Cooperatives Act;
(f) A small-sum overseas remittance service provider registered under Article 8 (3) 2 of the Foreign Exchange Transactions Act;
8. The President of the National Agricultural Cooperative Federation: Cooperatives under the Agricultural Cooperatives Act;
9. The President of the National Federation of Fisheries Cooperatives: Cooperatives under the Fisheries Cooperatives Act;
10. The President of the National Forestry Cooperative Federation: Forestry cooperatives under the Forestry Cooperatives Act;
11. The President of the National Credit Union Federation of Korea: Credit unions under the Credit Unions Act;
12. The President of the National Community Credit Cooperatives Federation: Credit cooperatives under the Community Credit Cooperatives Act.
(4) Where necessary to carry out such entrusted duties, the head of an entrusted institution may determine the standards, plans, procedures, etc. for inspections and measures to be taken as the result of such inspection. In such cases, the Commissioner of the Korea Financial Intelligence Unit may establish guidelines applicable to the standards, plans, procedures, etc. for inspection and measures to be taken as the result of such inspection, and the head of the entrusted institution shall comply with such guidelines. <Amended by Presidential Decree No. 24683, Aug. 6, 2013; Presidential Decree No. 26818, Dec. 30, 2015>
(5) Where the head of an entrusted institution has determined the standards, plans, procedures, etc. for inspection and measures to be taken as the result of such inspection under the former part of paragraph (4), he/she shall give notice thereof to the Commissioner of the Korea Financial Intelligence Unit. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(6) Where necessary to efficiently inspect financial companies, etc., the Commissioner of the Korea Financial Intelligence Unit may have the staff members of the Korea Financial Intelligence Unit provide necessary support to such entrusted institution in performing inspections after consulting with the head of such entrusted institution. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(7) Where the head of an entrusted institution has conducted an inspection, he/she shall give notice of the results thereof to the Commissioner of the Korea Financial Intelligence Unit (including the results of measures taken after such inspection).
 Article 16 (Handling of Sensitive Information and Personally Identifiable Information)
Where the Commissioner of the Korea Financial Intelligence Unit (including persons to whom the authority of the Commissioner of the Korea Financial Intelligence Unit is entrusted pursuant to Article 11 (6) of the Act) deems it inevitable for executing the following administrative affairs, he/she may handle information containing criminal records defined in subparagraph 2 of Article 18 of the Enforcement Decree of the Personal Information Protection Act and records containing resident registration numbers, passport numbers, driver license numbers, or alien registration numbers, domestic residence report numbers under Article 29 of the Enforcement Decree of the Credit Information Use and Protection Act: <Amended by Presidential Decree No. 26818, Dec. 30, 2015>
1. Administrative affairs regarding the reporting, etc. of transactions suspected as transactions of illegal assets, etc. under Article 4 of the Act;
2. Administrative affairs regarding the reporting of large cash transactions by financial companies, etc. under Article 4-2 of the Act;
3. Administrative affairs regarding the notification of records, etc. of foreign exchange transactions under Article 6 of the Act;
4. Administrative affairs regarding the provision of information to investigative agencies, etc. under Article 7 of the Act;
5. Administrative affairs regarding the exchange, etc. of information with foreign financial intelligence services under Article 8 of the Act;
6. Administrative affairs regarding the requests, etc. for providing information under Article 10 of the Act;
7. Administrative affairs regarding the supervision and inspection under Article 11 of the Act.
[This Article Newly Inserted by Presidential Decree No. 24317, Jan. 16, 2013]
ADDENDUM
This Decree shall enter into force on November 28, 2001.
ADDENDA <Presidential Decree No. 17791, Dec. 5, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 18228, Jan. 20, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 19054, Sep. 27, 2005>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 8-2 through 8-4 and 10-2 through 10-6 shall take effect on January 18, 2006.
(2) (Special Cases concerning Reference Amount Subject to Reporting of Large Cash Transactions) With respect to the reference amount of large cash transactions which should be reported by financial institutions, etc. (excluding a casino business operator) to the Commissioner of the Korea Financial Intelligence Unit, it shall be 50 million won from January 18, 2006 until December 31, 2007, and 30 million won from January 1, 2008 until December 31, 2009, notwithstanding the amended provisions of Article 8-2 (1). <Amended by Presidential Decree No. 21114, Nov. 11, 2008>
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That Presidential Decrees which are amended under Article 2 of the Addenda, the amended part of Presidential Decree promulgated prior to the enforcement of this Decree, but its enforcement date has not arrived, shall enter into force on the enforcement date of the relevant Presidential Decree respectively.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009.
Articles 2 through 28 Omitted.
ADDENDUM <Presidential Decree No. 21114, Nov. 11, 2008>
This Decree shall enter into force on December 22, 2008: Provided, That the title of this Decree and the amended provisions of Article 3 (excluding paragraph (2)), 4, 6, 7, 8-5 (excluding subparagraph 5), 10-2 (3), 10-3, 14 and 16 shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 21480, May 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 22104, Mar. 26, 2010>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 6 (1) shall enter into force on June 30, 2010.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 24317, Jan. 16, 2013>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 24435, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 24683, Aug. 6, 2013>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 24842, Nov. 13, 2013>
This Decree shall enter into force on November 14, 2013: Provided, That the amended provisions of Article 13-2 shall enter into force on February 14, 2014.
ADDENDA <Presidential Decree No. 25751, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 26818, Dec. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2016.
Article 2 (Transitional Measures concerning Preservation and Destruction of Specified Financial Transaction Information, etc.)
The Commissioner of the Korea Financial Intelligence Unit shall destroy information, etc., the preservation period of which have expired under the amended provisions of Article 13-3 at the time this Decree enters into force by June 30, 2016 pursuant to Article 9-2 (2) of the Act.
ADDENDA <Presidential Decree No. 27038, Mar. 22, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 27090, Apr. 5, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 28145, Jun. 27, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 18, 2017.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 28152, Jun. 27, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 28218, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.