"Pin-tech overseas remittance, up to $ 20,000 a year

[Korea Jeongseon financial newspaper reporters] are able to transfer abroad each year through Tech (Fintech) vendors cheap pins, bypassing banks since the second half of the fee to $ 20,000.

Ministry of Strategy and Finance said notice such details of the legislation and foreign exchange regulations Foreign Exchange Law Enforcement Ordinance amendment 22.

This amendment has been coming seven, including the relevant details, such as May 18, ahead of the implementation of the Foreign Exchange Transaction Act amendments pin-tech companies such as requirements to lower the barriers to entry for small overseas remittance companies.

Overseas remittance minority equity firms more than two billion won and it can gatchwoya equity ratio of 200% compared to total liabilities of conditions to handle the overseas remittance business. Also equipped with anti-money laundering systems and computer networks need to connect the Bank of Korea and Korea Exchange.

Transaction limit that can be processed through the non-bank microfinance overseas remittance companies 1 per year and a total of $ 3,000 transaction limit that one person can send and receive through one supplier 2 reoda Wanda.

But it can assign a bank account to be used in small overseas remittance business to receipt of payment, the user of funds through these accounts.

Also available to customers in advance for the protection of consumers with key information such as rates and fees and had to deposit three times the average amount paid to the one requested by the customer against the FSS consumer harm caused by the performance bond. The minimum deposit amount is stipulated to 3 billion.

The exemption does not report the amount of the check, the bank also expanded from $ 2,000 to $ 3,000 per enhancing convenience for foreign exchange transactions.

Penalties in accordance with the Foreign Exchange Transactions Act violations was raised to 100 million won from up to 5000 yuan. However, mitigating the rate that is applied to such violations occurred mitigating reasons for voluntarily reporting was expanded from the current 20% to 50%.

He e-payment agency can conduct a cross-border electronic payment agency business by registering on the base unit. Separate registration is also available a small foreign exchange remittances up and up gyeomyoung.

Including the legislative base unit via a notice and audit Legislation 21 days next month and plans to finish until the child maintenance enforcement legislation amended.

Said base unit "will be ready in July without a hitch to amend the legislation as soon as possible can be a small international wire transfers performed when the start-up and operating within the registration.

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