The Bank of Korea to Operate Online Foreign Exchange Review System Starting Next Month on the 1st

The Bank of Korea "Provides Efficient Foreign Exchange Screening Services"

[Asia Economy Reporter Jang Sehee] The Bank of Korea announced on the 29th that it will operate an online foreign exchange review system starting from the 1st of next month. The purpose is to enhance the convenience for civil petitioners and improve the efficiency of foreign exchange review tasks.

Civil petitioners can submit certain foreign exchange transaction reports, such as offsetting, third-party payments, and payments exceeding a certain period, online and print the report certificate after the review is completed.

The Bank of Korea expects that the introduction of this foreign exchange review system will improve convenience for civil petitioners. Additionally, it plans to enhance the efficiency of foreign exchange reviews by automating repetitive tasks such as consistency analysis between submitted report documents, guidance on review progress, and data entry into the foreign exchange computer network.

Even after the system is introduced, civil petitioners can still visit the Bank of Korea headquarters or regional headquarters to report foreign exchange transactions such as offsetting, third-party payments, and payments exceeding a certain period, as before.

The Bank of Korea stated, "We plan to expand the types of foreign exchange transactions that can be reported through the online foreign exchange review system" and "We will provide more efficient foreign exchange review services to civil petitioners by utilizing artificial intelligence (AI) technology."