Implementation of Erroneous Remittance Return Support System on the 6th of Next Month: "Korea Deposit Insurance Corporation Assists You"

Erroneous Remittance Between 50,000 and 10 Million Won... Application Within One Year

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission announced on the 14th that starting from the 6th of next month, the 'Mistaken Remittance Return Support System' will be implemented, which allows the remitter to recover funds mistakenly sent through the Korea Deposit Insurance Corporation instead of the remittance recipient.

Applications for return support are possible for amounts between 50,000 KRW and 10 million KRW.

In case of mistaken remittance, the remitter must first request the return through the financial institution to the recipient, and only if the amount is not returned should they apply to the KDIC.

If the remittance was made through a financial institution's account or a simple remittance service provider's account but was mistaken, an application for return support can be made.

However, if the remittance was sent to the recipient's account with a simple remittance service provider, the KDIC cannot verify the recipient's actual identity (name and resident registration number, etc.), so such cases are excluded from the return support application. Cases where the mistaken remitter is involved in litigation related to unjust enrichment claims or where the recipient has passed away are also excluded.

The period required for the return of mistaken remittance is up to two months. After the KDIC receives the return support application from the mistaken remitter and verifies the recipient's information with related agencies, it proceeds with voluntary return and payment order procedures. Therefore, it is expected that the mistaken remittance amount can be returned within approximately one to two months from the date of application receipt.