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ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION

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ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.16293 20190701
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.14839 20170726
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.14242 20161201
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.14133 20160329
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.14071 20160303
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.12716 20141129
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.12710 20140528
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.12103 20131114
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.11546 20121211
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.11411 20120321
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.10694 20110519
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.10522 20120302
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.10303 20101118
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.10043 20100204
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.9919 20100101
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.9617 20091002
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.8863 20080229
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.8704 20071221
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.8635 20090204
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.7336 20050117
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.7311 20050701
ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.6516 20011128
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Article 1 (Purpose)
The purpose of this Act is to provide for matters concerning reporting on and use of specified financial transaction information necessary to regulate money laundering and financing of terrorism through financial transactions, such as foreign exchange transactions, thereby contributing to preventing crimes and further establishing a sound and transparent financial system.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 2 (Definitions)
The terms used in this Act shall be defined as follows: <Amended by Act No. 10694, May 19, 2011; Act No. 12103, Aug. 13, 2013; Act No. 12710, May 28, 2014; Act No. 14242, May 29, 2016>
1. The term "financial company, etc." refers to each of the following persons:
(a) The Korea Development Bank under the Korea Development Bank Act;
(b) The Export-Import Bank of Korea under the Export-Import Bank of Korea Act;
(c) The Industrial Bank of Korea under the Industrial Bank of Korea Act;
(d) Banks under the Banking Act;
(e) Investment traders, investment brokers, collective investment entities, trust entities, financial securities companies, merchant banks, transfer agency companies under the Financial Investment Services and Capital Markets Act;
(f) Mutual savings banks and the National Federation of Mutual Savings Banks under the Mutual Savings Banks Act;
(g) Agricultural Cooperatives and Nonghyup banks under the Agricultural Cooperatives Act;
(h) Fisheries Cooperatives and Suhyup banks under the Fisheries Cooperatives Act;
(i) Credit Unions and the National Federation of Credit Unions under the Credit Unions Act;
(j) Community Credit Cooperatives and the National Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
(k) Insurance companies under the Insurance Business Act;
(l) Postal service agencies under the Postal Savings and Insurance Act;
(m) Casino business operators (hereinafter referred to as "casino business operator") that engage in casino business after having obtained permission under the Tourism Promotion Act;
(n) Persons prescribed by Presidential Decree who conduct financial transactions under subparagraph 2;
2. The term "financial transaction" refers to each of the following:
(a) Importation, purchase and sale, repurchase, brokerage, discount, issuance, redemption, refund, trust, registration, or exchange of financial assets (referring to financial assets provided for in subparagraph 2 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality), or payment of interest, discounts, or dividends thereof by a financial company, etc., or conducting such business as an agency, or other transactions of financial assets as prescribed by Ordinance of the Prime Minister;
(b) Transactions made in a derivatives market pursuant to the Financial Investment Services and Capital Markets Act, and other transactions prescribed by Presidential Decree;
(c) Exchanging cash or checks with the alternatives to cash or checks prescribed by Presidential Decree at the place of business of a casino business operator;
3. The term "illegal assets" refers to each of the following:
(c) Funds for terrorism under subparagraph 1 of Article 2 of the Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction;
4. The term "money laundering" refers to each of the following acts:
(a) Crimes under Article 3 of the Act on the Regulation and Punishment of Criminal Proceeds Concealment;
(c) Disguising the fact of acquisition and disposition of assets or their origin, or concealing such assets for the purpose of committing crimes under Article 3 of the Punishment of Tax Evaders Act, Article 270 of the Customs Act, or Article 8 of the Act on the Aggravated Punishment, etc. of Specific Crimes, or for the purpose of evading taxes payable under the tax-related Acts;
5. The term "financing for terrorism" refers to the crimes falling under Article 6 (1) of the Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 3 (Korea Financial Intelligence Unit)
(1) The Korea Financial Intelligence Unit shall be established under the Financial Services Commission to efficiently perform the following duties: <Amended by Act No. 12710, May 28, 2014; Act No. 16293, Jan. 15, 2019>
1. Compiling, analyzing, and providing information that has been reported or notified pursuant to Articles 4, 4-2, and 6;
2. Supervising and inspecting the operation of financial companies, etc. pursuant to Articles 4, 4-2, 5, 5-2, 5-3, and 5-4;
3. Cooperating with international financial intelligence services and exchanging information therewith under Article 4 (6) 2;
4. Cooperating with foreign financial supervision and inspection agencies and exchanging information therewith under Article 11-2;
5. Duties prescribed in the Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction;
6. Duties associated with those referred to in subparagraphs 1 through 5, which are prescribed by Presidential Decree.
(2) The Korea Financial Intelligence Unit shall independently perform the duties under its own authority, and none of its public officials shall engage in any duties other than those provided for in this Act and the Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction. <Amended by Act No. 12710, May 28, 2014>
(3) Matters necessary for the fixed number of regular staff (including the number of public officials belonging to other institutions), and organization and operation of the Korea Financial Intelligence Unit shall be prescribed by Presidential Decree, taking into consideration the independence and political neutrality of its duties. <Amended by Act No. 12103, Aug. 13, 2013>
(4) The head of the Korea Financial Intelligence Unit (hereinafter referred to as the "Commissioner of the Korea Financial Intelligence Unit") shall report the following matters regarding the performance of duties referred to in paragraph (1), to a regular session of the National Assembly on an annual basis: <Amended by Act No. 12103, Aug. 13, 2013>
1. The number of reports filed by financial companies, etc. under Article 4;
2. The number of requests for providing specified financial transaction information and number of cases where specified financial transaction information has been provided pursuant to Article 7;
2-2. Statistical data related to notification and postponement of notification under Article 7-2;
3. The number of exchanging information with international financial intelligence services under Article 8;
4. Other statistical data related to the duties of the Korea Financial Intelligence Unit.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 4 (Reporting, etc. on Transactions of Suspected Illegal Assets, etc.)
(1) Any financial company, etc. shall report any of the following cases to the Commissioner of the Korea Financial Intelligence Unit without delay, as prescribed by Presidential Decree: <Amended by Act No. 12103, Aug. 13, 2013; Act No. 12710, May 28, 2014; Act No. 12716, May 28, 2014>
1. Where any reasonable grounds exist to suspect that an asset which has been given in relation to any financial transaction is illegal;
2. Where any reasonable grounds exist to suspect that the other party to a financial transaction engages in money laundering or financing of terrorism, such as engaging in illegal financial transactions in violation of Article 3 (3) of the Act on Real Name Financial Transactions and Confidentiality;
3. Where any employee of a financial company, etc. reports to the competent investigation agency pursuant to Article 5 (1) of the Act on Regulation and Punishment of Criminal Proceeds Concealment, or Article 5 (2) of the Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction.
(2) Deleted. <by Act No. 12103, Aug. 13, 2013>
(3) Where a financial company, etc. files a report under paragraph (1), it shall clearly state the reasonable grounds for such suspicion. <Amended by Act No. 12103, Aug. 13, 2013>
(4) Deleted. <by Act No. 16293, Jan. 15, 2019>
(5) In analyzing reports filed by a financial company, etc. in accordance with paragraph (1), the Commissioner of the Korea Financial Intelligence Unit may inspect or reproduce the relevant data kept by the financial company, etc. in accordance with Article 5-4 (1) 1, only where it is necessary to examine whether the reports filed by the financial company, etc. meet the requirements set forth in paragraph (1). <Amended by Act No. 12103, Aug. 13, 2013; Act No. 16293, Jan. 15, 2019>
(6) Where any employee of a financial company, etc. intends to file or has filed a report under paragraph (1), he/she shall not divulge such fact to any third person, including the other party to the relevant financial transaction: Provided, That the foregoing shall not apply to either of the following cases: <Amended by Act No. 12103, Aug. 13, 2013>
1. Where the same financial company, etc. internally divulges the report filed in order to prevent money laundering or financing of terrorism;
2. Where a report equivalent to one referred to in paragraph (1) is filed with a foreign institution that performs duties equivalent to those referred to in any subparagraph of Article 3 (1) (hereinafter referred to as "foreign financial intelligence services") pursuant to the statutes or regulations of the relevant foreign country.
(7) No financial company, etc. (including employees of a financial company, etc.) that has filed a report under paragraph (1) shall be liable for damages to the other party to a financial transaction, or interested party thereto, whose financial transactions are related to each report, except where a false report has been filed by intention or gross negligence. <Amended by Act No. 12103, Aug. 13, 2013>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 4-2 (Reporting of Large Cash Transactions by Financial Companies, etc.)
(1) Where a financial company, etc. has paid to, or received from the other party to a financial transaction, the amount or more prescribed by Presidential Decree to the extent not exceeding 50 million won in cash (excluding foreign currencies) or using other means of payment equivalent to cash prescribed by Presidential Decree (hereinafter referred to as "cash, etc."), it shall report such fact to the Commissioner of the Korea Financial Intelligence Unit within 30 days: Provided, That the foregoing shall not apply to any of the following cases:
1. Payment or receipt of cash, etc., to or from another financial company, etc. (excluding those prescribed by Presidential Decree);
2. Payment or receipt of cash, etc., to or from the State, a local government or any other public organization prescribed by Presidential Decree;
3. Ordinary payment or receipt in cash, etc., which poses no risk of money laundering, as prescribed by Presidential Decree.
(2) Where any reasonable ground exists to suspect that the other party to a financial transaction is making installment transactions for the purpose of evading paragraph (1), a financial company, etc. shall report such fact to the Commissioner of the Korea Financial Intelligence Unit.
(3) The Commissioner of the Korea Financial Intelligence Unit may designate and operate the following organizations as intermediaries to handle data related to the reporting of large cash transactions (hereinafter referred to as "intermediaries"):
1. Korea Federation of Banks, an incorporated association, founded pursuant to Article 32 of the Civil Act with permission of the Financial Services Commission;
2. Korea Financial Investment Association established pursuant to Article 283 of the Financial Investment Services and Capital Markets Act;
3. Korea Federation of Savings Banks established pursuant to Article 25 of the Mutual Savings Banks Act.
(4) The methods of reporting under paragraphs (1) and (2), the designation and operation of intermediaries under paragraph (3), and other necessary matters shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 5 (Measures, etc. by Financial Companies, etc.)
(1) In order to facilitate the reporting referred to in Articles 4 (1) and 4-2 and effectively prevent money laundering and financing for terrorism through the financial company, etc., a financial company, etc. shall implement any of the following measures: <Amended by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013; Act No. 16293, Jan. 15, 2019>
1. Designation of persons responsible for the reporting referred to in Articles 4 (1) and 4-2, and the establishment of an internal reporting system;
2. Preparation and implementation of procedures and work guidelines which the management and the employees of the relevant financial company, etc. shall comply with in performing their duties to prevent money laundering and financing of terrorism;
3. Educating and training the management and the employees to prevent money laundering and financing of terrorism.
(2) Financial companies, etc. prescribed by Presidential Decree in consideration of the main types of transactions, transaction volume, etc. may be exempted in whole or in part from the measures referred to in the subparagraphs of paragraph (1). <Newly Inserted by Act No. 16293, Jan. 15, 2019>
(3) Procedures and work guidelines under paragraph (1) 2 shall include the following: <Newly Inserted by Act No. 16293, Jan. 15, 2019>
1. Establishment and operation of a business system that applies different levels of management according to the degree of risk by identifying, analyzing and evaluating the risks of money laundering and financing of terrorism inherent in financial transactions, etc.;
2. Establishment and operation of a business system for reviewing and evaluating the adequacy and effectiveness of services and solving problems in a department or an organ that is independent of the department in charge of the work of preventing money laundering and financing of terrorism;
3. Other matters prescribed by Presidential Decree to efficiently prevent money laundering and financing of terrorism.
(4) A financial company, etc. shall supervise its management and employees to ensure that they comply with the procedures and work guidelines under paragraph (1) 2 when performing their duties. <Newly Inserted by Act No. 16293, Jan. 15, 2019>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 5-2 (Customer Due Diligence for Financial Companies, etc.)
(1) As part of due diligence to guard against the risk of money laundering and financing of terrorism using financial transactions, each financial company, etc. shall take the measures classified as follows. In such cases, any financial company, etc. shall prepare and implement work guidelines for such measures: <Amended by Act No. 12716, May 28, 2014>
1. Where a customer opens an account or makes a single financial transaction of at least the amount prescribed by Presidential Decree: to verify any of the following items:
(a) Customer’s personal information and others related thereto prescribed by Presidential Decree;
(b) A natural person finally governing and controling a customer (hereafter referred to as an “actual owner” in this Article) and others related thereto: Provided, That, where a customer is a legal person or organization, matters prescribed by Presidential Decree;
2. Where it is likely for a customer to commit money laundering or financing of terrorism, including where it is doubt that the customer is the actual owner:
(a) Any item of subparagraph 1;
(b) Matters determined and publicly notified by the Commissioner of the Korea Financial Intelligence Unit including the purpose of financial transaction and the origin of funds for transaction (limiting to the scope rationally determined by financial company etc., that it is possible to verify, having regard to the risks of money laundering and financing of terrorism.
(2) Work guidelines under paragraph (1) shall include the details, procedures, and methods of appropriate measures related to the prevention of money laundering or financing of terrorism, by type of customer and financial transaction.
(3) The object, standards, procedures, and methods of verification measures, etc. under each subparagraph of paragraph (1) and other necessary matters shall be prescribed by Presidential Decree.
(4) Where it is not possible to verify identity of a customer because he/she refuses to provide information for identification, financial company, etc., shall reject a new transaction with the customer such as opening the new bank account, and if the customer has a transaction relation, the financial company shall terminate such transaction. <Newly inserted by Act No. 12716, May 28, 2014>
(5) Where a transaction is rejected or terminated under paragraph (4), financial company, etc., shall review whether to report a suspicious transaction under Article 4. <Newly inserted by Act No. 12716, May 28, 2014>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 5-3 (Provision of Telegraphic Transfer Information)
(1) Where a remitter transfers money exceeding the amount prescribed by Presidential Decree within the extent of five million won by means of a telegraphic transfer (referring to a service of transferring money via a financial company, etc. to other domestic or foreign financial company, etc., regardless of whether the remitter has an account), a financial company, etc. shall provide information on the remitter and remittee to the remittance-receiving financial company, etc. (hereinafter referred to as “receiving financial company”) according to the following classifications:
1. Domestic Transfer:
(a) Name of a remitter (in cases of a corporation, referring to the name of the corporation; hereinafter the same shall apply);
(b) Account number of a remitter (in cases of the absence of the account number, referring to any number available for reference; hereinafter the same shall apply);
(c) Name and account number of a remittee;
2. Foreign Transfer:
(a) Name of a remitter;
(b) Account number of a remitter;
(c) Address and resident registration number of a remitter (in cases of a corporation, referring to the corporation registration number; in cases of a foreigner, referring to the passport number or the alien registration number);
(d) Name and account number of a remittee.
(2) In cases of a domestic transfer, a receiving financial company and the Commissioner of the Korea Financial Intelligence Unit may make a request for information falling under paragraph (1) 2 (c), in any of the following cases, to a financial company, etc. which transfers money under paragraph (1) (hereinafter referred to as “transferring financial company”):
1. Where making a request for such information is necessary in order for a receiving financial company to file a report under Article 4;
2. Where making a request for such information is necessary in order for the Commissioner of the Korea Financial Intelligence Unit to review or analyze information reported by a receiving financial company.
(3) When requested to provide remittance information under paragraph (2), a transferring financial company shall provide such information within three business days.
[This Article Newly Inserted by Act No. 12103, Aug. 13, 2013]
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Article 5-4 (Period of Holding of Financial Transaction Information by Financial Companies, etc.)
(1) A financial company, etc. shall retain the following data and information related to the fulfillment of duties under Articles 4, 4-2, 5-2 and 5-3 (hereafter in this Article referred to as “fulfillment of duties”) for five years from the time the financial transaction relationship is terminated:
1. Any of the following data related to the reporting under Articles 4 and 4-2:
(a) Data that can identify the real name of the other party to a financial transaction;
(b) Data of financial transaction subject to the reporting;
(c) Data filed by the financial company, etc. stating the reasonable grounds for suspicion under Article 4 (3);
2. Data related to the verification of customer identity under the subparagraphs of Article 5-2 (1);
3. Information on a remitter and a remittee under the subparagraphs of Article 5-3 (1);
4. Other data determined and publicly notified by the Commissioner of the Korea Financial Intelligence Unit in relation to the fulfillment of duties.
(2) “Time the financial transaction relationship is terminated” in paragraph (1), with the exception of its subparagraphs, shall be any of the following dates:
1. In the case of subparagraph 2 (a) of Article 2, the date all obligations between a financial company, etc. and a customer are terminated;
2. In the case of any transaction made in a derivatives market referred to in subparagraph 2 (b) of Article 2, the date the transaction is terminated due to the occurrence of an event triggering termination: Provided, That when the customer’s account is opened, it shall be deemed the date the account is closed;
3. In the case of subparagraph 2 (c) of Article 2, the date all obligations in casino between a casino business operator and a customer are terminated;
4. In the case of other financial transactions, the date prescribed by Presidential Decree.
(3) Methods and places for retention under paragraph (1) and other necessary matters shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 16293, Jan. 15, 2019]
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Article 6 (Notification of Data of Foreign Exchange Transactions, etc.)
(1) The Governor of the Bank of Korea, the head of the relevant custom office and others prescribed by Presidential Decree shall notify the Commissioner of the Korea Financial Intelligence Unit of the data related to the reporting under Article 17 of the Foreign Exchange Transactions Act and other data related to the notification under Article 21 of the said Act.
(2) Necessary matters concerning the scope of the data subject to notification and the procedures of notification under paragraph (1) shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 7 (Provision of Information to Investigation Agencies, etc.)
(1) Where deemed necessary for criminal investigations related to illegal assets, money laundering, or financing of terrorism, investigations of suspected tax evasion, collection of taxes from defaulters, customs investigations, investigations of suspicious customs evasion, collection of customs from defaulters, and investigations of any offense committed in violation of the Political Funds Act, supervision of financial transactions, or investigations of persons who might be involved in terrorist acts (hereinafter referred to as "investigation, etc. of specific criminal offenses") the Commissioner of the Korea Financial Intelligence Unit shall provide each of the following information (hereinafter referred to as "specified financial transaction information") to the Prosecutor General, the Commissioner of the National Tax Service, the Commissioner of the Korea Customs Service, the National Election Commission, the Financial Services Commission, or the Director of the National Intelligence Service : <Amended by Act No. 10694, May 19, 2011; Act No. 11411, Mar. 21, 2012; Act No. 11546, Dec. 11, 2012; Act No. 12103, Aug. 13, 2013; Act No. 14071, Mar. 3, 2016>
1. Information prescribed by Presidential Decree, taking into consideration relevance to specific criminal investigations, among the information reported by a financial company, etc. under Articles 4 (1) or 4-2;
2. Information prescribed by Presidential Decree, taking into consideration relevance to specific criminal investigations, among the information provided by foreign financial intelligence services under Article 8 (1);
3. Compilation or analysis of the information referred to in subparagraphs 1 and 2 or of the information reported or notified under Articles 4-2 and 6.
(2) Where deemed necessary for criminal investigations related to illegal assets, money laundering, or financing of terrorism, the Commissioner of the Korea Financial Intelligence Unit shall provide the specified financial transaction information prescribed by Presidential Decree to the Commissioner General of the Korean National Police Agency and the Commissioner General of the Korea Coast Guard. <Amended by Act No. 10694, May 19, 2011; Act No. 11546, Dec. 11, 2012; Act No. 12844, Nov. 19, 2014; Act No. 14839, Jul. 26, 2017>
(3) Deleted. <by Act No. 7336, Jan. 17, 2005>
(4) Where deemed necessary for specific criminal investigations, the Prosecutor General, the Commissioner General of the Korean National Police Agency, the Commissioner General of the Korea Coast Guard, the Commissioner of the National Tax Service, the Commissioner of the Korea Customs Service, the National Election Commission, the Financial Services Commission, or the Director of the National Intelligence Service (hereinafter referred to as the "Prosecutor General, etc.") may request the Commissioner of the Korea Financial Intelligence Unit to provide the information referred to in paragraph (1) 3, as prescribed by Presidential Decree. <Amended by Act No. 10694, May 19, 2011; Act No. 11546, Dec. 11, 2012; Act No. 12844, Nov. 19, 2014; Act No. 14071, Mar. 3, 2016; Act No. 14839, Jul. 26, 2017>
(5) Where the Prosecutor General, etc. requests the provision of specified financial transaction information under paragraph (4), he/she shall file a written request that states all of the following: <Amended by Act No. 10694, May 19, 2011; Act No. 12103, Aug. 13, 2013>
1. Personal information of the subject;
2. Purpose of its use;
3. Details of information requested;
4. Necessity of information on criminal charges and suspicion of tax evasion, etc. and relevance to the purpose of use.
(6) Where a public official of the Korea Financial Intelligence Unit receives a request to provide the specified financial transaction information in violation of paragraph (5), he/she shall refuse such request. <Amended by Act No. 10694, May 19, 2011>
(7) When the Commissioner of the Korea Financial Intelligence Unit has provided specified financial transaction information under paragraphs (1), (2) and (4), he/she shall record each of the following and retain such data for five years from the date of providing such information, in writing or in computerized information processing systems, in the standard form prescribed by the Commissioner of the Korea Financial Intelligence Unit: <Amended by Act No. 10694, May 19, 2011; Act No. 12103, Aug. 13, 2013>
1. The positions and names of staff members (those in responsible charge) of the Korea Financial Intelligence Unit who participate in the review and analysis and the provision of such information;
2. The name of an institution to which specified financial transaction information was provided and the date of such provision;
3. The institution which a public official (those in responsible charge) of who receives specified financial transaction information belongs to, and his/her position and name;
4. Details of specified financial transaction information requested and purpose of its use;
5. Details of specified financial transaction information provided and grounds for the provision thereof;
6. Date on which a title holder is notified;
7. Where notification is delayed, the date of such delay, grounds therefor, and the period and number of such delay.
(8) The Commissioner of the Korea Financial Intelligence Unit shall establish an intelligence analysis council under his/her control to deliberate on the provision of specified financial transaction information to the Prosecutor General, etc. <Newly Inserted by Act No. 12103, Aug. 13, 2013>
(9) The intelligence analysis council established under paragraph (8) shall be comprised of three public officials of the Korea Financial Intelligence Unit, including the Commissioner of the Korea Financial Intelligence Unit, a general manager in charge of the review and analysis, and one person qualified as prescribed by Presidential Decree. <Newly Inserted by Act No. 12103, Aug. 13, 2013>
(10) Other matters regarding the deliberation procedures and operation, etc. of the intelligence analysis council shall be prescribed by Presidential Decree, taking into consideration the independence and neutrality of duties of the Korea Financial Intelligence Unit. <Newly Inserted by Act No. 12103, Aug. 13, 2013>
(11) Where the Commissioner of the National Tax Service or the Commissioner of the Korea Customs Service receives specified financial transaction information from the Commissioner of the Korea Financial Intelligence Unit pursuant to paragraph (4) and makes use of it in investigating tax or customs evasion or collecting tax or customs from defaulters, he/she shall request a financial company, etc., within one year, to provide the relevant transaction information, etc. under Article 4 (1) of the Act on Real Name Financial Transactions and Confidentiality. <Newly Inserted by Act No. 12103, Aug. 13, 2013>
(12) The Prosecutor General, etc., shall establish the standards to retain and manage specified financial transaction information provided under paragraphs (1), (2), and (4) and notify the Commissioner of the Korea Financial Intelligence Unit thereof. <Newly inserted by Act No. 12716, May 28, 2014>
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Article 7-2 (Notification of Provision of Specified Financial Transaction Information)
(1) Where the Commissioner of the Korea Financial Intelligence Unit provides the information reported by a financial company, etc. under Article 4-2 (excluding information under Article 7 (1) 3) to the Prosecutor General, etc. pursuant to Article 7, he/she shall notify a title holder of major details of provided transaction information, purpose of its use, the recipient of information, the date of providing, etc, within ten days from the date of providing (in cases of postponing notification under paragraph (2) or (3), the date when the period for postponement of notification ends), in the standard format prescribed by the Commissioner of the Korea Financial Intelligence Unit.
(2) Where the Commissioner of the Korea Financial Intelligence receives a written request for postponement of notification from the Prosecutor General, etc. on any of the following grounds, he/she shall postpone a notification within six months, notwithstanding paragraph (1):
1. Where it is likely that the relevant notification will pose a threat to human lives or physical safety;
2. Where the relevant notification is highly likely to obstruct, pervert or defeat the course of justice in a judicial proceeding by destroying evidence, threatening witnesses, etc.;
3. Where the relevant notification is highly likely to obstruct or excessively delay the progress of administrative procedures, such as inquiries and investigations.
(3) Where the Prosecutor General, etc. shows the persistence of any of the following grounds referred to in any subparagraph of paragraph (2) and makes repeatedly written requests for postponement of notification, the Commissioner of the Korea Financial Intelligence Unit shall postpone a notification for the requested period for postponement, within three months each time, not more than twice from the date of receipt of such requests (excluding cases falling under paragraph (2) 1).
(4) Where deemed necessary for sending a notification to a title holder under paragraph (1), the Commissioner of the Korea Financial Intelligence Unit may request the head of the relevant administrative agency, etc. to provide each of the following data, in writing stating the purpose of the use:
1. Electronic information data of resident registration under Article 30 (1) of the Resident Registration Act;
2. Basic data related to a business operator including a place of business.
[This Article Newly Inserted by Act No. 12103, Aug. 13, 2013]
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Article 8 (Exchanging, etc. of Information with Foreign Financial Intelligence Services)
(1) The Commissioner of the Korea Financial Intelligence Unit may, if deemed necessary to achieve the purposes of this Act, provide specified financial transaction information to foreign financial intelligence services, or receive such information therefrom, in accordance with principle of reciprocity.
(2) Where the Commissioner of the Korea Financial Intelligence Unit intends to provide foreign financial intelligence services with specified financial transaction information under paragraph (1), he/she shall satisfy all of the following requirements:
1. No specified financial transaction information provided to foreign financial intelligence services shall be used for any purpose, other than its original purpose;
2. The provision of specified financial transaction information shall be kept confidential;
3. No specified financial transaction information provided to foreign financial intelligence services shall be used for an investigation of or a trial for foreign criminal offenses, without prior consent from the Commissioner of the Korea Financial Intelligence Unit.
(3) The Commissioner of the Korea Financial Intelligence Unit may, in receipt of a request by a foreign country, give consent to the use of specified financial transaction information provided pursuant to paragraph (1), with a prior consent of the Minister of Justice, for criminal investigations or trials for criminal offenses related to the request.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 9 (Confidentiality, etc. of Financial Transaction Information)
(1) No person falling under any of the following subparagraphs shall provide or divulge specified financial transaction information to others he/she becomes aware of in the course of performing his/her duties, information received under Article 5-3, information or data received under Article 10, information received under Article 11 (7), or matters that come to his/her knowledge at the intelligence analysis council under Article 7 (8), or use them for purposes other than its original purpose: <Amended by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013>
1. Public official belonging to the Korea Financial Intelligence Unit;
2. Manager of the computerized system of the Korea Financial Intelligence Unit (referring to a computerized system for processing specified financial transaction information) and a service performer of the relevant computerized system;
3. Employee of an intermediary;
3-2. Person working at a remittance-receiving financial company;
4. Person involved in specific criminal investigations related to specified financial transaction information provided under Article 7;
5. Person who conducted supervision and examination under Article 11 (1) and (6);
6. Person who participates in the intelligence analysis council or becomes engaged in duties of the intelligence analysis council under Article 7 (9).
(2) No one shall request any person falling under any subparagraph of paragraph (1) to provide specified financial transaction information, information received under Article 5-3, information or data received under Article 10, and information received under Article 11 (7), or to use them for purposes other than its original purpose. <Newly Inserted by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013>
(3) No specified financial transaction information provided under Article 7 shall be used as evidence in a trial. <Amended by Act No. 11411, Mar. 21, 2012>
(4) Employees of a financial company, etc. who have been involved in reporting under Article 4 (1) may refuse to testify in trials on matters related to such reporting, except in trials related to Articles 13 and 14: Provided, That the foregoing shall not apply where it is deemed necessary for substantial public interest. <Amended by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 9-2 (Preservation and Destruction of Specified Financial Transaction Information, etc.)
(1) Notwithstanding other statutes or regulations, the Commissioner of the Korea Financial Intelligence Unit shall preserve the specified financial transaction information and the information or materials he/she has received or been notified of pursuant to Articles 5-3, 6, 10, 11 (7) (hereafter referred to as "information, etc." in this Article) for a specified period, as prescribed by Presidential Decree.
(2) Where the preservation period referred to in paragraph (1) expires, the Commissioner of the Korea Financial Intelligence Unit shall destroy such information, etc. in accordance with the procedure specified in the Public Records Management Act: Provided, That the foregoing shall not apply to cases determined by Presidential Decree as deemed necessary to accomplish the purpose of this Act.
(3) Where the Commissioner of the Korea Financial Intelligence Unit destroys the information, etc. pursuant to paragraph (2), he/she shall take necessary measures to ensure that such information, etc. are not recovered or reproduced.
(4) Necessary matters for the method and procedure for destroying information, etc. and other matters shall be determined by Presidential Decree.
[This Article Newly Inserted by Act No. 12716, May 28, 2014]
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Article 10 (Requests, etc. for Provision of Data)
(1) When deemed necessary for analyzing specified financial transaction information (excluding information referred to in Article 7 (1) 3; hereafter the same shall apply in this Article) or information reported or notified under Article 4-2 or 6, the Commissioner of the Korea Financial Intelligence Unit may make a request for the provision of following data to the head of a relevant administrative agency, etc. in writing clearly stating the purpose for its use (excluding financial transaction information): <Amended by Act No. 12103, Aug. 13, 2013; Act No. 14133, Mar. 29, 2016>
1. Computerized information data on registration matters under Article 11 (6) of the Act on the Registration, etc. of Family Relationships;
2. Electronic information data of resident registration under Article 30 (1) of the Resident Registration Act;
3. Criminal data and investigation data under Article 5-2 (2) of the Act on the Lapse of Criminal Sentences;
3-2. Data on insurance premiums under Article 69 (5) of the National Health Insurance Act;
4. Data on basic matters concerning business operators including business items and places of business as prescribed by Presidential Decree;
5. Other data necessary for the review and analysis as prescribed by Presidential Decree.
(2) Where it is necessary for the analysis of specified financial transaction information, the Commissioner of the Korea Financial Intelligence Unit may request the head of a credit information concentration agency under Article 25 of the Credit Information Use and Protection Act to provide credit information (except financial transaction information) in writing clearly stating the purpose of the use, as prescribed by Presidential Decree.
(3) In analyzing specified financial transaction information, the Commissioner of the Korea Financial Intelligence Unit may request the head of a financial company, etc., to provide the information or data of financial transactions including foreign transactions provided for in the Foreign Exchange Transactions Act in writing stating each of the following, only where matters reported or provided are deemed to satisfy the requirements set forth in Article 4 (1): <Amended by Act No. 12103, Aug. 13, 2013>
1. Personal information of parties to a transaction;
2. Purpose of the use;
3. Details of requested information or data related to financial transactions.
(4) The request or demand for providing information or data under paragraphs (1) through (3) shall be limited to the minimum extent necessary.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 11 (Supervision, Inspection, etc. of Financial Companies, etc.)
(1) The Commissioner of the Korea Financial Intelligence Unit may supervise operations carried out by financial companies, etc., give orders or directives when necessary for supervision, and direct public officials under his/her control to inspect the operations of financial companies, etc. pursuant to Article 4, 4-2, 5, 5-2, 5-3 or 5-4. <Amended by Act No. 12103, Aug. 13, 2013; Act No. 16293, Jan. 15, 2019>
(2) Where any violation of this Act or orders or directives given under this Act is detected as the result of inspections conducted in accordance with paragraph (1), the Commissioner of the Korea Financial Intelligence Unit may impose any of the following measures on the relevant financial company, etc.: <Amended by Act No. 11411, Mar. 21, 2012>
1. Issuance of a corrective order;
2. Warning to an institution;
3. Caution to an institution.
(3) Where any violation of this Act or orders or directives given under this Act is detected as the result of inspections conducted in accordance with paragraph (1), the Commissioner of the Korea Financial Intelligence Unit may request the head of financial company, etc. to take measures classified as follows to the management and employees of the relevant financial company involved in violation: <Newly Inserted by Act No. 11411, Mar. 21, 2012>
1. Executive officers: any of the following measures:
(a) Recommendation of dismissal;
(b) Suspension of the performance of duties for not more than six months;
(c) Reprimand warning;
(d) Cautionary warning;
(e) Caution;
2. Employees: any of the following measures:
(a) Removal from one’s office;
(b) Suspension from one’s office for not more than six months;
(c) Salary reduction;
(d) Reprimand;
(e) Caution.
(4) The Commissioner of the Korea Financial Intelligence Unit may, in any of the following cases, request the head of the related administrative agency who is authorized to impose an administrative sanction on the business operation of the relevant financial company, etc. to fully or partially suspend the business operation thereof for a period of up to six months: <Newly Inserted by Act No. 11411, Mar. 21, 2012>
1. Where it fails to implement a corrective order under paragraph (2) 1;
2. Where it has received warning to an institution under paragraph (2) 2 at least three times;
3. Where it fails to take necessary measures to prevent money laundering and financing of terrorism by intention or gross negligence, as cases prescribed by Presidential Decree.
(5) The head of the related administrative agency shall, upon receipt of a request under paragraph (4), comply with the request, unless any justifiable ground exists to the contrary. <Newly Inserted by Act No. 11411, Mar. 21, 2012>
(6) The Commissioner of the Korea Financial Intelligence Unit may entrust the Governor of the Bank of Korea, the Governor of the Financial Supervisory Service under the Act on the Establishment of Financial Services Commission or those prescribed by Presidential Decree with the task of conducting inspections referred to in paragraph (1) and taking measures referred to in paragraphs (2) and (3) to be carried out by their staff, as prescribed by Presidential Decree. <Amended by Act No. 11411, Mar. 21, 2012>
(7) A person engaged in supervising and conducting inspections under paragraph (1) or (6) may, when necessary for supervision or inspections, make a request for financial transaction information or information reported under Articles 4 and 4-2 to the head of a financial company, etc. In such cases, any request for information shall be limited to the minimum extent necessary. <Newly Inserted by Act No. 11411, Mar. 21, 2012>
(8) A person engaged in conducting inspections under paragraph (1) or (6) shall carry an identification indicating his/her authority and produce it to interested persons. <Amended by Act No. 11411, Mar. 21, 2012>
(9) Articles 4 (6) and 4-3 (3) of the Act on Real Name Financial Transactions and Confidentiality shall apply mutatis mutandis to cases of making a request for financial transaction information to the head of a financial company, etc. under paragraph (7). <Newly Inserted by Act No. 11411, Mar. 21, 2012>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 11-2 (Cooperating in Business with Foreign Financial Supervision and Inspection Agencies)
(1) The Commissioner of the Korea Financial Intelligence Unit (hereafter in this Article including those entrusted with the authority of the Commissioner of the Korea Financial Intelligence Unit under Article 11 (6)) may cooperate with a foreign financial supervision and inspection agency (referring to a foreign agency that conducts the supervision and inspection of the duties of financial companies, etc. under Article 4, 4-2, 5, 5-2, 5-3, or 5-4; hereafter in this Article the same shall apply), if the agency requests that supervision or inspection be conducted regarding a violation of foreign statutes and regulations (referring to foreign statutes and regulations reflecting international agreements on the prevention of money laundering and the prohibition of financing of terrorism and recommendations from international organizations; hereafter in this Article referred to as “foreign statutes and regulations”), as prescribed in this Act, stating the purpose, scope, etc. of supervision or inspection. In such cases, the Commissioner of the Korea Financial Intelligence Unit may furnish the foreign financial supervision and inspection agency or be furnished with materials for supervision or inspection under the principle of reciprocity.
(2) The Commissioner of the Korea Financial Intelligence Unit may furnish a foreign financial supervision and inspection agency with materials for supervision or inspection in accordance with the latter part of paragraph (1), only where the agency meets all of the following requirements:
1. The foreign financial supervision and inspection agency shall not use the materials for supervision or inspection furnished for any purpose other than the purpose for which they are furnished;
2. The foreign financial supervision and inspection agency shall keep confidential the materials for supervision or inspection and the fact that such materials are furnished: Provided, That the same shall not apply where the materials for supervision or inspection are used for any disposition or any procedure equivalent thereto pursuant to the foreign statutes and regulations within the scope of purpose for which such materials are furnished.
(3) Article 11 (7) shall apply mutatis mutandis to supervision and inspection under paragraph (1).
[This Article Newly Inserted by Act No. 16293, Jan. 15, 2019]
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Article 12 (Relationship to other Acts)
(2) Article 35 of the Credit Information Use and Protection Act shall not apply to information provided by financial companies, etc. and intermediaries pursuant to this Act.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 13 (Penalty Provisions)
Any of the following persons shall be punished by imprisonment with labor for up five years, or by a fine up to 50 million won: <Amended by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013; Act No. 12716, May 28, 2014>
1. A person who inspects or reproduces the relevant data retained by a financial company, etc., or requests the head of a financial company, etc. to provide information or data related to financial transactions, by abusing his/her authority, despite a failure to meet the requirements under Article 4 (5) or 10 (3);
2. A person who provides or divulges the specified financial transaction information he/she has become aware of in the course of performing his/her duties, the information provided under Article 5-3, the information or data provided under Article 10, or the information provided under Article 11 (7) to a third person in violation of Article 9 (1), or uses it for purposes other than its original purpose, or a person who requests to provide the specified financial transaction information, the information provided under Article 5-3, the information or data provided under Article 10 or the information provided under Article 11 (7), or requests to use it for purposes other than its original purpose;
3. A person who provides or divulges the information he/she becomes aware of at the meeting of the intelligence analysis council under Article 7 (8) to a third person, or uses it for the purposes other than its original purpose in violation of Article 9 (1), or a person who requests to provide such information or to use it for purposes other than its original purpose.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 14 (Penalty Provisions)
Either of the following persons shall be punished by imprisonment with labor for not more than one year, or by a fine not exceeding ten million won: <Amended by Act No. 12103, Aug. 13, 2013; Act No. 12716, May 28, 2014>
1. A person who files a false report, in violation of Article 4 (1) or 4-2 (1) or (2);
2. A person who violates Article 4 (6).
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 15 (Concurrent Imposition of Imprisonment with Labor and Fines)
A person who commits any offence provided for in Articles 13 and 14 may be sentenced to imprisonment with labor and a fine concurrently.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 16 (Joint Penalty Provisions)
Where the representative of a corporation, or an agent or employee of, or other persons employed by the corporation or an individual commits any violation under Article 14 in conducting the business affair of the corporation or the individual, not only shall such offender be punished, but also the corporation or individual shall be punished by a fine under the relevant provisions: Provided, That the foregoing shall not apply where such corporation or individual has not been negligent in giving due attention and supervision concerning the relevant duties to prevent such violation.
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
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Article 17 (Administrative Fines)
(1) Any of the following persons shall be punished by an administrative fine not exceeding 10 million won: <Amended by Act No. 11411, Mar. 21, 2012; Act No. 12103, Aug. 13, 2013; Act No. 12716, May 28, 2014; Act No. 16293, Jan. 15, 2019>
1. A person who fails to take measures under the subparagraphs of Article 5 (1), in violation of Article 5 (1);
2. A person who fails to take verification measures in violation of Article 5-2 (1) 2;
3. A person who fails to comply with, refuses, interferes with, or evades an order, direction or inspection under Article 11 (1) through (3) or (6).
(2) Any of the following persons shall be subject to an administrative fine not exceeding 30 million won: <Newly Inserted by Act No. 16293, Jan. 15, 2019>
1. A person who fails to file a report in violation of Article 4 (1) 1 or 2 or Article 4-2 (1) or (2);
2. A person who fails to take verification measures in violation of Article 5-2 (1) 1;
3. A person who fails to retain data and information in violation of Article 5-4 (1).
(3) Administrative fines under paragraphs (1) and (2) shall be imposed and collected by the Commissioner of the Korea Financial Intelligence Unit, as prescribed by Presidential Decree. <Amended by Act No. 16293, Jan. 15, 2019>
[This Article Wholly Amended by Act No. 10694, May 19, 2011]
ADDENDA
(1) (Enforcement Decree) This Act shall enter into force two months after the date of its promulgation.
(2) (Applicability concerning Scope of Information, etc. Requested by the Commissioner of the Korea Financial Intelligence Unit) The scope of information or data the Commissioner of the Korea Financial Intelligence Unit may request the heads of financial institutions, etc. to submit under Article 10 (3) 3 shall be limited to information or data related to financial transactions made after this Act enters into force.
(3) Omitted.
ADDENDA <Act No. 7311, Dec. 31, 2004>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Omitted.)
Articles 2 through 16 Omitted.
ADDENDA <Act No. 7336, Jan. 17, 2005>
(1) (Enforcement Decree) This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 4-2 and 5-2 shall enter into force one year after this Act enters into force.
(2) (Applicability concerning Report on Large Amount of Cash Transactions) The amended provisions of Article 4-2 shall apply to cash, etc. paid or received on or after the date this Act enters into force.
(3) Omitted.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDA <Act No. 8704, Dec. 21, 2007>
Article 1 (Enforcement Decree)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 1, subparagraphs 1 (n), 2 (c), 3 (c) and 5 of Article 2, Article 3 (1) 4 and 5, and 3 (2), Article 4 (1) and (2) and the part related to financing of terrorism from paragraph (6) 1, Article 4-2 (1) 1, (3) and (4), Article 5, Article 5-2, Article 7 (1) and (2), Article 9 (1), and the part related to intermediaries from Article 12 (2) shall enter into force one year after the date of its promulgation.
Article 2 (Applicability to Money Laundering)
The amended provisions of subparagraph 4 (c) of Article 2 shall apply to money laundering referred to in the said item which is committed on or after the date this Act enters into force.
Article 3 (Transitional Measures concerning Administrative Fines)
The former provisions shall apply to administrative fines on acts committed before this Act enters into force.
Article 4 (Transitional Measures Pursuant to the Financial Investment Service and Capital Markets Act)
(1) Transactions made in the derivatives market as set forth in subparagraph 2 (b) of Article 2 under the Capital Market and Financial Business Act shall be construed as futures trading under subparagraphs 1 and 2 of Article 3 of the Futures Trading Act, until February 4, 2009.
(2) The Korea Financial Investors' Association as set forth in Article 4-2 (3) 2 shall be construed as the Korea Securities Dealers Association established under Article 162 of the Securities and Exchange Act, until February 4, 2009.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 9617, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 13 Omitted.
ADDENDA <Act No. 9919, Jan. 1, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDUM <Act No. 10043, Feb. 4, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10 Omitted.
ADDENDA <Act No. 10522, Mar. 31, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on March 2, 2012. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Act No. 10694, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Enforcement Date of the Community Credit Cooperatives Act)
"The National Federation of Community Credit Cooperatives" referred to in the amended provisions of subparagraph 1 (j) of Article 2 shall be construed as "the Federation of Community Credit Cooperatives" until September 8, 2011.
Article 3 Omitted.
ADDENDA <Act No. 11411, Mar. 21, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation: Provided, That the amended provisions of Article 7 (1) shall enter into force on the date of its promulgation.
Article 2 (Applicability to Whole or Partial Suspension of Business)
The amended provisions of Article 11 (4) shall apply to grounds for whole or partial suspension of business which arise on and after the date this Act enters into force.
ADDENDUM <Act No. 11546, Dec. 11, 2012>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 12103, Aug. 13, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Article 7 (8) through (10) shall enter into force six months after the date of its promulgation.
Article 2 (Applicability concerning Provision of Telegraphic Transfer Information)
The amended provisions of Article 5-3 (2) shall apply to a request for telegraphic transfer information which is made on or after the date this Act enters into force.
Article 3 (Transitional Measures concerning Penalty Provisions, etc.)
The former provisions shall apply to penalty provisions and administrative fines on acts committed before this Act enters into force.
ADDENDA <Act No. 12710, May 28, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Act No. 12716, May 28, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation: Provided, That the amended provisions of Articles 5-2 (1), (4) and (5), 7 (12), and 9-2 shall enter into force on January 1, 2016.
Article 2 (Applicability concerning Preservation and Destruction of Specified Financial Transaction Information, etc.)
The amended provisions of Article 9-2 shall also apply to the specified financial transaction information retained by the Commissioner of the Korea Financial Intelligence Unit and to the information or materials provided or notified of pursuant to Articles 5-3, 6, 10, and 11 (7) as at the time the same provisions enter into force.
ADDENDA <Act No. 12844, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amendments to the Acts to be amended pursuant to Article 6 of the Addenda, which were promulgated before this Act enters into force but the enforcement dates of which have yet to arrive, shall enter into force on the enforcement date of the relevant Act.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 14071, Mar. 3, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDUM <Act No. 14133, Mar. 29, 2016>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14242, May 29, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on December 1, 2016. (Proviso Omitted.)
Articles 2 through 22 Omitted.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amendments to the Acts, which were promulgated before this Act enters into force but whose enforcement dates have yet to arrive, from among the Acts amended by Article 5 of the Addenda, shall enter into force on their respective enforcement dates.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 16293, Jan. 15, 2019>
This Act shall enter into force on July 1, 2019.

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

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ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.28687 20180227
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.28218 20170726
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.28152 20170627
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.28145 20170718
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.27205 20160930
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.27090 20160405
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.27038 20160322
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.26818 20160101
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.25751 20141119
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.24842 20131114
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.24683 20130806
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.24435 20130323
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.24317 20130322
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.22493 20101118
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.22104 20100326
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.21480 20090508
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.21114 20081222
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.20947 20090204
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.20653 20080229
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.19054 20050927
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.18312 20040317
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.18228 20040120
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.17791 20021205
ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION No.17416 20011128
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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>
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Article 2 (Financial Companies, etc.)
The term "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 each of the following subparagraphs: <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. The Credit Guarantee Fund under the Credit Guarantee Fund Act;
2. The Korea Technology Credit Guarantee Fund under the Korea Technology Credit Guarantee Fund 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 Financial 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. A corporate restructuring association registered under Article 15 of the Industrial Development Act (referring to the Act before wholly amended by Act No. 9584) and a specialized restructuring company which is an executive member of the association;
10. Foreign currency exchange business operators under Article 8 (4) of the Foreign Exchange Transactions Act.
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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 Financial 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]
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Article 4 Deleted. <by Presidential Decree No. 21114, Nov. 11, 2008>
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Article 5 (Operations of Korea Financial Intelligence Unit)
(1) The term "duties prescribed by Presidential Decree" in Article 3 (1) 5 of the Act means those under the following subparagraphs: <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Research and study on the status of money laundering and financing for terrorism, and countermeasures for prevention thereof;
2. Provision of education, training and other consulting services for financial companies, etc. to prevent money laundering and financing for terrorism;
3. Promotion of cooperation and exchange of information at home and abroad to prevent money laundering and financing for terrorism.
(2) The Commissioner of the Korea Financial Intelligence Unit provided 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 measures necessary for the 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 determine and publicly announce details concerning each of the following subparagraphs, taking into consideration recommendations by international treaties and international organizations relating to the prevention of money laundering and prohibition of financing for terrorism: <Newly Inserted by Presidential Decree No. 22104, Mar. 26, 2010>
1. Matters relating to the preservation of reported records under Article 4 (4) of the Act;
2. Matters relating to the establishment of an internal reporting system under subparagraph 1 of Article 5 of the Act;
3. Matters relating to the preparation and implementation of work guidelines under subparagraph 2 of Article 5 of the Act;
4. Matters relating to the education and training of the management and the employees under subparagraph 3 of Article 5 of the Act;
5. Matters relating to measures for confirmation falling under each subparagraph of Article 5-2 (1) of the Act.
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Article 6 (Amount of Financial Transactions to be Reported)
(1) The term "amount determined by Presidential Decree" in Article 4 (1) 1 of the Act means an amount classified as follows: <Amended by Presidential Decree No. 18228, Jan. 20, 2004; Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 22104, Mar. 26, 2010>
1. Five thousand United States dollars or an amount denominated in another currency equivalent thereto, in cases of foreign exchange transactions denominated in foreign currency;
2. Ten million won, in cases of a financial transaction other than those provided in subparagraph 1.
(2) In calculating the amount of a financial transaction stipulated in paragraph (1), where there is any difference between the nominal value of assets subject to the financial transaction and the real transaction amount thereof, it shall be computed on a basis of the real transaction amount, and where it is impossible to confirm the amount of the financial transaction because it is a transaction conducted in relation to safe lending business, etc., it shall be deemed a financial transaction the amount of which is less than the amount referred to in paragraph (1).
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Article 7 (Method for Reporting, etc. on Transactions of Suspected Illegal Assets, etc.)
(1) A financial company, etc. which files a report pursuant to Article 4 (1) and (2) 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>
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, the said 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 provided in 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 Guarantee of Secrecy (hereinafter referred to as the "Real Name Financial Transactions Act"). <Amended by Presidential Decree No. 19054, Sep. 27, 2005>
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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 which have neither obvious economic reasonability nor lawful objects, 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 (2) 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>
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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]
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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]
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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]
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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 Fosterage of Government-Invested Research Institutions and the Act on the Establishment, Operation and Fosterage of Government-Invested Research Institutions of Science and Technology;
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]
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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]
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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]
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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>
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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.
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Article 10-2 (Coverage, etc. of Duty on Confirmation of Customers)
(1) Duties on confirmation (hereinafter referred to as "confirmation of customers") under each subparagraph of Article 5-2 (1) of the Act shall be applicable to financial transactions: Provided, That financial companies, etc. may be exempt from the duty of confirmation under Article 5-2 (1) 1 of the Act in cases where it is not proper to apply the duty of confirmation of customer due diligence in the nature of a financial transaction or a financial transaction has very less possibility of being exploited for the purposes of money laundering and financing for terrorism determined and publicly announced by the Commissioner of the Korea Financial Intelligence Unit. <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
(2) For the purpose of Article 5-2 (1) 1 of the Act, "opens a new account" means to conclude a contract with financial companies, etc. for the purpose of commencing the financial transaction provided in paragraph (1), and "single financial transaction" means a financial transaction conducted without using an account opened with financial companies, etc. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(3) Where there is any doubt about the confirmation of customers, the financial companies, etc. concerned may verify its authenticity with documents, information or other materials from a trustworthy source. In such cases, financial companies, etc. concerned shall reflect the materials related to such verification and the methods thereof in the work guidelines provided in 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>
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
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Article 10-3 (Amount of Single Financial Transaction)
(1) The term "amount prescribed by Presidential Decree" in Article 5-2 (1) 1 of the Act means the amount classified as follows: <Amended by Presidential Decree No. 21114, Nov. 11, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
1. Ten thousand United States dollars or the amount denominated in another currency equivalent thereto, in cases of foreign exchange transactions denominated in foreign currency;
2. 20 million won, in cases of financial transactions other than provided in subparagraph 1.
(2) In calculating the financial transaction amount stipulated in paragraph (1), if there is any difference between the nominal value of assets subject to the financial transaction and the real transaction amount thereof, it shall be computed on a basis of the real transaction amount.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
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Article 10-4 (Matters Relating to Identity of Other Party to Financial Transaction)
The term "matters determined by Presidential Decree" in Article 5-2 (1) 1 of the Act means those falling under any of the following subparagraphs: <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
1. For an individual (including any individual conducting financial transactions while disclosing the fact that he/she is acting for another individual, juristic person 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 juristic person: Real name, business category, the location of principal office and business place, contact information, and the representative’s real name;
3. For a non-profit juristic person or any other organization: Real name, the purpose of its establishment, the location of principal office, contact information, and the representative’s real name;
4. For a foreigner or foreign organization: The applicable corresponding matters of subparagraphs 1 through 3, nationality, the location of domestic residence or office.
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
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Article 10-5 (Procedure for Confirmation of Customers, etc.)
(1) Any financial company, etc. shall confirm a customer's entitlement before completing financial transactions: Provided, That such confirmation may be made after the financial transactions are conducted if there are any inevitable reasons due to the nature, etc. of the financial transactions, as determined by the Commissioner of the Korea Financial Intelligence Unit. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(2) Any financial company, etc. may omit the confirmation of customer in cases where it enters into a financial transaction again with the same customer after the confirmation referred to in Article 5-2 (1) 1 of the Act: Provided, That it shall conduct the confirmation of customer again if there is any doubt about gaudiness or propriety of the existing confirmation. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
[This Article Newly Inserted by Presidential Decree No. 19054, Sep. 27, 2005]
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Article 10-6 Deleted. <by Presidential Decree No. 22104, Mar. 26. 2010>
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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.
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Article 12 (Providing Specified Financial Transaction Information for Commissioner General of National Police Agency, etc.)
The term "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 nature of offenses, the status of offenders, the efficiency of investigation, etc. after consultation with the Prosecutor General, the Commissioner General of the National Police Agency and the Commissioner of the Korea Coast Guard. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
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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 of the Korea Coast Guard, the Commissioner of the National Tax Service, the Commissioner of the Customs Service, the National Election Commission or the Financial Services Commission intends to request 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 provided in the subparagraphs of paragraph (5) of the said Article directly to the Korea Financial Intelligence Unit: Provided, That in case of emergency, such documents may be submitted by means of post, facsimile or electronic documents. <Amended by Presidential Decree No. 19054, Sep. 27, 2005; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 24683, Aug. 6, 2013>
(2) Pursuant to Article 7 (7) of the Act, the Commissioner of the Korea Financial Intelligence Unit shall retain the matters provided in the following subparagraphs related to the provision of specified financial transaction information in writing or via an electronic information processing system:
1. Positions and names of the staff members of the Korea Financial Intelligence Unit involved in the process of examination, 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.
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Article 14 (Request for Provision of Records)
(1) Records which the Commissioner of the Korea Financial Intelligence Unit may request the head of the administrative agency concerned to provide pursuant to Article 10 (1) 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>
1. through 5. Deleted. <by Presidential Decree No. 24683, Aug. 6, 2013>
(2) 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.
(3) 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>
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Article 15 (Supervision, Inspection, etc.)
(1) The term "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 report under Article 4 (1) or Article 4-2 (1) or (2) of the Act or by reporting in a false manner, 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) The term "those prescribed by Presidential Decree" in Article 11 (6) of the Act means the Minister of Science, ICT and Future Planning, the Minister of Security and Public Administration, the Minister of Trade, Industry and Energy, the Commissioner of the Korea Customs Service, the Administrator of the Small and Medium Business Administration, 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>
(3) The Commissioner of the Korea Financial Intelligence Unit shall, as prescribed by Article 11 (6) of the Act, entrust tasks relating to the inspection under paragraph (1), measures under paragraph (2) 2 and 3, and request for measures under paragraph (3) 1 (c) through (e) and paragraph (3) 2 of the said Article, according to 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>
1. The Minister of Science, ICT and Future Planning: Postal offices under the Postal Savings and Insurance Act;
2. The Minister of Security and Public Administration: The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
3. The Minister of Trade, Industry and Energy: Specialized corporate restructuring companies registered pursuant to Article 14 of the Industrial Development Act (referring to the Industrial Development Act before wholly amended by Act No. 9584) and corporate restructuring associations registered pursuant to Article 15 of the same Act;
4. The Commissioner of the Customs Service: Foreign currency exchange business operators working within treaty ports from among those under Article 8 (4) of the Foreign Exchange Transactions Act;
5. The Administrator of the Small and Medium Business Administration: The 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;
6. The Governor of the Bank of Korea: Foreign currency exchange business operators under Article 8 (4) of the Foreign Exchange Transactions Act with the exception of foreign currency exchange business operators working within treaty ports;
7. The Governor of the Financial Supervisory Service: Financial companies, etc. provided in the following items:
(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. referred to in subparagraph 1 (e), (f) and (k) of Article 2 of the Act;
(c) Financial companies, etc. provided in subparagraphs 3, 5 and 7 of Article 2;
(d) Nonghyup bank under 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;
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) The head of an institution entrusted with the tasks under paragraph (3) (hereinafter referred to as "entrusted institution") may, when necessary to carry out the entrusted tasks, determine the standards, plans, procedures, etc. for inspection 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>
(5) When 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) When necessary to efficiently perform the tasks of inspecting 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 the entrusted institution in performing the tasks of inspection after consultation with the head of the entrusted institution. <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
(7) The head of the entrusted institution shall, when he/she has conducted an inspection, give notice of the results thereof to the Commissioner of the Korea Financial Intelligence Unit (including the results of measures taken after such inspection). <Amended by Presidential Decree No. 24683, Aug. 6, 2013>
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Article 16 (Processing of Sensitive Information and Personally Identifiable Information)
If 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 process information containing criminal records defined in subparagraph 2 of Article 18 of the Enforcement Decree of the Personal Information Protection Act and records containing a resident registration number, a passport number, a driver license number, or a foreigner registration number defined in Article 19 of the same Decree:
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. about foreign exchange transactions under Article 6 of the Act;
4. Administrative affairs regarding the provision of information to investigation authorities, 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 examination 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.