The Korean banking industry intends to request the Ministry of Finance to give an authoritative interpretation of the bank's obligations in foreign exchange remittances under the "Foreign Exchange Transactions Act"

According to News1, the Korean banking community has recently formed a "Foreign Exchange Remittance Transaction Task Force" and is discussing requesting the Ministry of Planning and Finance to provide an authoritative interpretation of the bank's obligations in foreign exchange remittances under the Foreign Exchange Transactions Act, including confirmation of supporting documents. Under current law, the banking sector and the Financial Supervisory Service interpret the obligations of banks differently. Foresight News previously reported that South Korea’s Financial Supervisory Service is investigating unusually large foreign exchange transactions discovered at Woori Bank and Shinhan Bank in June, partly related to crypto asset exchanges.