Article 1(Purpose) #
The purpose of this Decree is to prescribe matters delegated by the Act on Real Name Financial Transactions and Confidentiality and matters necessary for the enforcement thereof. <Amended on Nov. 28, 2014>
Article 2(Financial companies) #
"Institutions prescribed by Presidential Decree" in subparagraph 1 (n) of Article 2 of the Act on Real Name Financial Transactions and Confidentiality (hereinafter referred to as the "Act") means the following institutions: <Amended on Jun. 29, 2002; Dec. 5, 2002; Jul. 29, 2004; Aug. 17, 2005; Feb. 29, 2008; Jul. 29, 2008; May 29, 2009; Nov. 28, 2014; Dec. 30, 2014; May 31, 2016; Jun. 20, 2017; Jun. 27, 2017; Aug. 11, 2020; Aug. 25, 2020; Dec. 19, 2023>
1. Deleted; <Jun. 25, 2019>
2. Specialized credit finance companies and new technology venture business investment associations under the Specialized Credit Finance Business Act;
3. Korea Technology Finance Corporation under the Korea Technology Finance Corporation Act;
4. A person who has registered credit business or loan brokerage business under Article 3 the Act on Registration of Credit Business, etc. and Protection of Finance Users;
5. Venture investment companies and venture investment associations under subparagraphs 10 and 11 of Article 2 of the Venture Investment Promotion Act;
6. Credit Guarantee Fund under the Credit Guarantee Fund Act;
7. Regional and specialized forestry cooperatives and the federation thereof under the Forestry Cooperatives Act;
8. Credit guarantee foundations under the Regional Credit Guarantee Foundation Act;
9. Online investment-linked financial business entities registered under Article 5 of the Act on Online Investment-Linked Financial Business and the Protection of Users;
10. Exchange under the Financial Investment Services and Capital Markets Act(limited to the cases where requesting to offer information on details of the report referred to in Article 391 (2) 1 of the Financial Investment Services and Capital Markets Act and on request for reports or confirmation referred to in 3 of the same paragraph in accordance with Article 392 (2) of the same Act);
11. Korea Housing Finance Corporation under the Korea Housing Finance Corporation Act;
12. A business entity engaged in overseas remittance of small amount who has registered under Article 8 (3) 2 of the Foreign Exchange Transactions Act;
13. Other individuals or corporations engaged in de facto financial transactions as determined by Ordinance of the Prime Minister.
[Title Amended on Nov. 28, 2014]
Article 3(Real name) #
Real names referred to in subparagraph 4 of Article 2 of the Act shall be according to the following classification: <Amended on Jun. 29, 2002; Jul. 29, 2004; Aug. 17, 2005; Feb. 29, 2008>
1. In the case of an individual,
his or her name and resident registration number recorded on his or her resident registration card; provided, in case of a Korean national residing abroad, his or her name and passport number recorded in his passport (in case of a Korean national residing abroad to whom a passport has not been issued, his or her name and registration number recorded in the register under the Registration of Korean Nationals Residing Abroad Act);
2. In the case of a corporation (including an unincorporated association considered as a corporation pursuant to the Framework Act on National Taxes,
the title and registration number recorded on the business registration certificate which is issued pursuant to the Corporate Tax Act; provided, in case of a corporation to whom the business registration certificate has not been issued, the title and tax payment number recorded in the document carrying the tax code number granted pursuant to the Corporate Tax Act;
3. In the case of an organization other than a corporation,
the real name of the person representing the organization; provided, in case of an organization granted a specific number pursuant to the Value-Added Tax Act or granted a tax payment number pursuant to the Income Tax Act, the title and specific number or tax payment number of the organization recorded in the document thereof;
4. In the case of a foreigner;
the name and the registration number written on a registered alien record pursuant to the Immigration Act; provided, in case of a person to whom an alien registration card has not been issued, his/her name and number written on the passport or the identification card;
5. In a case not falling under subparagraphs 1 through 4 above,
the real name as prescribed by the Prime Ministerial Decree.
Article 4(Omission of verification of real names) #
(1) Transactions which does not require to verify real names pursuant to Article 3 (2) 1 and 2 of the Act shall be as follows: <Amended on Aug. 17, 2005; Jun. 27, 2017>
1. Continued transactions by accounts in which the real names of the persons concerned are verified;
2. Receiving various kinds of public imposts;
3. Remittance of won currency amounting up to one million won or its equivalent foreign currency (including deposits without passbook), and purchase or sale of foreign currency equivalent to one million won or less;
4. Transactions such as the purchase of foreign currencies, receipt of deposits in foreign currency or sale of bonds in foreign currency, which are traded after the enforcement date of the Act and until December 31, 1998.
(2) Specific claims referred to in Article 3 (2) 3 (a), (c) and (e) of the Act shall be as follow: <Added on Mar. 25, 1998; Feb. 14, 2000; Aug. 17, 2005; Sep. 10, 2007; Nov. 20, 2009; Mar. 24, 2014; Apr. 2, 2019 , Feb. 17, 2022>
1. Deleted; <Dec. 30, 2009>
2. Bonds issued by the SMEs and Startups Corporation pursuant to Article 65 of the Small and Medium Enterprises Promotion Act;
3. Deposit insurance fund bonds referred to in Article 26-2 of the Depositor Protection Act;
4. The Non-Performing Loan Resolution Fund and the Restructuring Fund established under Article 40 of the Act on the Establishment of Korea Asset Management Corporation.
(3) Transactions of specific bonds referred to in Article 3 (2) of the Act shall be deemed to include the transactions of checks used for transacting the specific bonds concerned. <Added on May 6, 1998>
Article 4-2(Verification of real name transactions) #
(1) When any financial transaction is conducted, the real name of a person shall be verified by certificates and documents classified as the following: <Amended on Jun. 20, 2017; Dec. 3, 2024>
1. In the case of an individual:
(a) A resident registration certificate (including a mobile resident registration certificate) for a person to whom a resident registration certificate is issued; provided, where it is impracticable to verify it with a resident registration certificate (including a mobile resident registration certificate), a certificate issued by the head of a State agency, a local government, or the head of a school under the Framework Act on Education, by which the real name can be verified, or an abridged transcript of resident registration card containing a resident registration number and a certificate verifying the identity;
(b) For any person to whom a resident registration certificate is not issued, an abstract of his or her resident registration card which includes his or her resident registration number and any certificate under item (a) of his or her legal representative, or any certificate or document verifying the real name;
(c) For any Korean national abroad, his or her passport under the proviso to subparagraph 1 of Article 3 or registration certificate of overseas Korean nationals;
2. In the case of a corporation: its business registration certificate under subparagraph 2 of Article 3, any document with tax payment numbers or a copy thereof;
3. In the case of an organization, other than a corporation: any certificate or document referred to in subparagraph 1 verifying the real name of a person who represents the relevant organization under subparagraph 3 of Article 3; provided, the real name of any organization under the proviso to subparagraph 3 of Article 3 shall be verified by any document with identification numbers or tax payment numbers, or a copy thereof;
4. In the case of a foreigner: his or her alien registration card, his or her passport or identification card under subparagraph 4 of Article 3;
5. Where it is impracticable to verify the real name of a person in accordance with subparagraphs 1 through 4: any certificate or document determined by the Financial Services Commission, including a written confirmation or certificate issued by the head of a relevant agency.
(2) Financial companies, etc. may entrust the duty of verifying real name transactions to any other financial company, etc. under Article 3 (7) of the Act.
(3) The Financial Services Commission may determine and publicly notify the details necessary for procedures and methods for entrusting the duty specified in paragraph (2).
[This Article Added on Nov. 28, 2014]
Article 5(Scope of persons working for financial companies, etc.) #
Persons working for financial companies, etc. referred to in Article 4 of the Act shall be executive officers and employees of financial companies, etc., their agents, servants or other employees, who are actually engaged in the business of dealing with and managing information or data on content of financial transactions. <Amended on Nov. 28, 2014>
[Title Amended on Nov. 28, 2014]
Article 6(Scope of transaction information) #
Information or data on contents of financial transactions specified in Article 4 (1) of the Act and Article 5 of this Decree shall be the conduct of financial transactions by a specific person, any original or copy of records on financial transactions which any financial company, etc. possesses, and any information learned from the records (hereinafter referred to as "transaction information"); provided, this shall not include transaction information from which it is impossible to determine who is conducting the financial transaction or for whom it is made (except where the identity of the trader can be easily verified in combination with other transaction information, even if his identity cannot be verified solely on the basis of the transaction information in question). <Amended on Nov. 28, 2014>
Article 6-2(Real estate transaction as to which inquiry about financial transaction information is to be made) #
(1) The term "real estate transaction prescribed by the Presidential Decree" in the proviso to Article 4 (2) of the Act, excluding its subparagraphs, means the transaction of real estate (including any right to such real estate; hereafter in this Article the same shall apply) which falls under any of the following subparagraphs: <Amended on Aug. 17, 2005; Aug. 11, 2016; Feb. 3, 2017>
1. Transaction of real estate which is made in violation of the Act on Special Measures for the Registration of Real Estate;
2. Transaction of real estate which is made in violation of the Act on the Registration of Real Estate under Actual Titleholder’s Name;
3. Transaction of real estate in which the broker, etc. provided for in the Real Estate Brokerage Act transfer the real estate directly acquired by himself in violation of the said Act;
4. Transaction of real estate in which the status of being selected as an occupant of a house within an overheated speculation district is transferred in violation of the Housing Act;
5. Transaction of real estate in which one household referred to in subparagraph 6 of Article 88 of the Income Tax Act transfers real estate, satisfying all the requirements of the following items:
(a) That the one household has transferred or acquired real estates not less than three times within a year retroactive from the date of transferring a real estate;
(b) That the total sum of standard market prices of the transferred real estate under Article 99 of the Income Tax Act is not less than 500 million won (including the transaction of real estate determined by the Commissioner of the National Tax Administration in which the land exceeding the size subject to the permission of land transaction contract within the area subject to the permission of land transaction contract under Article 117 of the National Land Planning and Utilization Act is transferred through division, of which total sum of standard market prices thereof is less than 500 million won), or the transaction of real estate in which any right to the real estate is transferred is included;
(c) That any party to the transaction of the real estates does not present documents required for a verification of their actual trade prices or the contents of the documents presented are clearly false.
(2) The term "in the event that it is requested as prescribed by the Presidential Decree" in the proviso to Article 4 (2) of the Act, excluding its subparagraphs, means the case where provision of transaction information, etc. is requested in the name of any person falling under any of the following subparagraphs: <Amended on Dec. 30, 2015; Apr. 11, 2023>
1. The Commissioner of the National Tax Administration or the Commissioner of a Regional Tax Office;
2. The Commissioner of the Korea Customs Service, the head of the Incheon Customs, the head of the Seoul Customs, the head of the Busan Customs, the head of the Daegu Customs, or the head of the Gwangju Customs;
3. The Special Metropolitan City Mayor, Metropolitan City Mayor, or Do governor.
[This Article Added on Jul. 29, 2004]
Article 7(Provision of transaction information upon request by holder of title deed) #
(1) Where a person working for a financial company, etc. referred to in Article 5 (hereinafter referred to as "employee of a financial company, etc.") is requested to provide transaction information by a holder of a title deed, he or she shall confirm whether the requesting person is a holder of a title deed. <Amended on Nov. 28, 2014>
(2) Where a person who holds a position to exercise the legal power of a holder of a title deed over his financial assets, such as the successor to the holder of a title deed or the testamentary donee, makes a request to provide transaction information, any employee of a financial company, etc. shall confirm whether such legal power exists. <Amended on Nov. 28, 2014>
(3) Financial companies, etc. shall ensure that transaction information is not leaked to any other person in the course of confirming the holder of a title deed or providing transaction information, and shall determine methods of and procedures for confirming holders of title deeds and providing transaction information. <Amended on Nov. 28, 2014>
Article 8(Provision of transaction information by consent of holder of title deed) #
(1) A financial company, etc. shall notify the following to the holder of a title deed in advance and receive a written consent (including an electronic document under Article 2 (1) of the Framework Act on Electronic Documents and Transactions; hereafter the same shall apply in this Article) including the relevant matters if it intends to provide any person other than the holder of a title deed with transaction information by the consent of the holder of a title deed. In this case, it shall receive the written consent of all holders of title deeds if there are two or more: <Amended on Nov. 28, 2014; Jun. 20, 2017>
1. The persons who will receive transaction information;
2. The financial companies, etc. which will provide transaction information;
3. The details and scope of transaction information to be provided;
4. The purpose of providing transaction information, etc.;
5. The fact that the consent may be denied and the details of disadvantage which may be caused by denial of the consent if any;
6. Deleted; <on Jun. 20, 2017>
7. The date of drawing up a written consent;
8. The term of validity of a written consent.
(2) Where a financial company, etc. receives a written consent under paragraph (1), it shall verify whether the holder of a title deed has given consent by any of the following methods, and shall retain relevant data, such as documents used for such confirmation. <Added on Jun. 20, 2017; Dec. 8, 2020; Jan. 5, 2021>
1.The handwritten signature or thumbprint of the holder of a title deed (limited to cases where the holder of a title deed directly submits a written consent to a financial company, etc., or a public official submits a written consent to a financial company, etc. after obtaining a written consent from the holder of a title deed in order to perform his or her official duties);
2. A seal which is indicated on his or her seal imprint reported under Article 3 of the Certification of Seal Imprint Act, his or her seal imprint which is submitted under Article 25 of the Commercial Registration Act, or his or her seal imprint which the holder of a title deed has registered in the relevant financial company, etc. (including a seal imprint of signature);
3. A signature on the confirmation certificate of personal signature or electronic confirmation certificate of personal signature under Article 2 of the Act on Confirmation, etc. of Personal Signature;
4. Digital signature defined in subparagraph 2 of Article 2 of the Digital Signature Act.
5. Confirmation of the real name under each subparagraph of Article 3;
6. A method that notifies the holder of a title deed of the consent matters through a telephone call to confirm his or her consent intention;
7. Other methods which the Financial Services Commission determines and publicly notifies as means securing the stability and reliability.
(3) A financial company, etc. may, if the content entered in a written consent under paragraph (1) are ambiguous or suspicious, have the holder of a title deed confirm the content thereof. <Amended on Nov. 28, 2014; Jun. 20, 2017>
Article 9(Provision of transaction information inside same financial company, etc. or between financial companies, etc.) #
(1) The provision of transaction information necessary for business inside the same financial company, etc. under Article 4 (1) 5 of the Act means the provision of transaction information necessary for business between persons who manage part of the business entrusted by the relevant financial company, etc. or by any other contract and the main office, branch, business place thereof. <Amended on Nov. 28, 2014>
(2) The provision of transaction information necessary for business between financial companies, etc. under Article 4 (1) 5 of the Act means the provision by a financial company, etc. of transaction information necessary for business to any other financial company, etc., or the provision by a financial company, etc. of transaction information necessary for business to a person who collects, manages and provides transaction information or to a person who handles financial asset transfer business between traders under statutes or agreements between financial companies, etc. <Amended on Nov. 28, 2014>
[Title Amended on Nov. 28, 2014]
Article 10(Scope of personal information on traders) #
Personal information on the holder of a title deed defined in Article 4 (2) 1 of the Act shall be any of the following: <Amended on Jun. 29, 2002; Nov. 28, 2014>
1. Name of the holder of a title deed (name of a corporation or an organization);
2. Resident registration number (including all numbers, such as passport numbers and business registration numbers, used for confirming the holder of a title deed at the time of financial transactions);
3. Account number;
4. Deed number;
5. Other information by which financial companies, etc. can identify whose transaction information.
Article 10-2(Scope of expenses spent to notify title holder) #
Expenses to be borne by anyone who has requested provision of transaction information, etc. pursuant to Article 4-2 (4) of the Act shall not exceed postage fees directly spent by any financial company, etc. to notify the title holder concerned of the fact of such provision. <Amended on Nov. 28, 2014>
[This Article Added on Jul. 29, 2004]
Article 11(Request for statistical data) #
The Financial Services Commission may request the head of the following agency which supervises and inspects the financial companies, etc. pursuant to the statutes, to present statistical data with regard to the number of demand and provision of transaction information, etc. and the number of notices and deferred notices demanded by business type of financial companies, etc, and the number of demand and provision of transaction information, etc. and the number of notices and deferred notices by demanding agency within two months after the end of each quarter. In this case, the head of the supervisory and inspection agency for financial companies, etc. requested therefor shall cooperate therewith in the absence of special circumstances: <Amended on Aug. 17, 2005; Feb. 29, 2008; Mar. 23, 2013; Nov. 28, 2014; Jul. 26, 2017>
1. Minister of Science and ICT;
2. Governor of the Financial Supervisory Service;
3. President of the Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
4. President of the National Forestry Cooperatives Federation under the Forestry Cooperatives Act.
[This Article Wholly Amended on Jun 29, 2002]
Article 12 #
Deleted. <on Jun. 29, 2002>
Article 13(Standard for imposition of administrative fines) #
(1) The standards for imposing administrative fines under Articles 7 (1) and 8 of the Act shall be as specified in the Appendix. <Amended on Nov. 28, 2014>
(2) The head of supervisory and inspection agency for financial companies, etc. as determined by Ordinance of the Prime Minister shall investigate any offense referred to in Article 7 (1) of the Act and notify the Financial Services Commission thereof. <Amended on Jun. 29, 2002; Feb. 29, 2008; Nov. 28, 2014>
(3) Deleted. <on Nov. 28, 2014>
(4) Deleted. <Nov. 28, 2014>
(5) Deleted. <Nov. 28, 2014>
[Title Amended on Nov. 28, 2014]