'Three Cash Robberies in One Week'... Private Currency Exchange Offices as Targets of Violent Crimes

4 out of 10 Currency Exchange Offices Privately Operated
Customs Service Begins Reviewing Security Enhancement Measures
Recommendations for Tailored Countermeasures Proposed

At around 12:30 PM on the 4th, at a currency exchange office located in a cluster of private currency exchange businesses in Daerim-dong, Yeongdeungpo-gu, Seoul, there was only an acrylic partition between a female employee and a customer, and the exchange took place after counting dozens of bundles of cash with a counting machine. This location is about 1.3 km away from where a man in his 30s from China robbed a currency exchanger of 120 million won and fled on the 31st of last month, but there were no security personnel on site or other security facilities such as security bars.

At another nearby currency exchange office, a man was working alone. There was not even a partition between this employee and the customer. A bundle of cash worth about 700,000 won was placed on the cash counting machine within arm’s reach of the customer. The operator, Mr. Go (63, male), showed clear signs of tension. Mr. Go said, "Since the recent robbery incident at a currency exchange office, I always keep in mind the possibility of an attack or crime by the other party while working."

At around 1:30 PM on the same day, a currency exchange office near Gangnam Station in Seoul had a similar situation. Although an acrylic partition was installed, the hole for passing money was about 2 meters wide and 50 cm tall, large enough for an adult man to easily pass through. The operator, Mr. Lee (48, male), said, "I am very concerned as crimes targeting currency exchange offices have been occurring one after another recently," adding, "I am thinking about whether there is a clear countermeasure."

Concerns about security at currency exchange offices have arisen as a series of robberies and thefts targeting large sums of money have occurred. According to the Korea Customs Service, as of the end of last month, there are 1,469 currency exchange offices nationwide (including those in lodging businesses, corporations, and individual currency exchange offices), with about 80% located in Seoul (669 offices), Gyeonggi (271 offices), Jeju (120 offices), and Busan (104 offices). Currency exchange offices can operate once registered with the local customs office, and in terms of facilities, they only need to have a 'business place' and 'computer equipment' necessary for currency exchange operations. Since currency exchange is a registered business, only the minimum requirements for operation are stipulated, and installing security systems such as CCTV or security bars is not mandatory but can be done at the discretion of the owner. In fact, anyone can operate a currency exchange office by simply having a business place and a computer and registering with customs. Especially as the COVID-19 endemic phase has begun and foreign tourists have recovered, the number of individual currency exchange offices has increased. As of the end of July, the number of individual currency exchange offices nationwide rebounded to 641 this year after decreasing from 662 in 2021 to 620 last year.

Around 3 p.m. on the 4th, at a currency exchange office near Gangnam Station in Seocho-gu, Seoul. Japanese customers are exchanging yen for Korean won.
Photo by Taewon Choi skking@

Meanwhile, small-scale individual currency exchange offices with few employees and weak security are becoming targets for robbers. According to the National Police Agency, there were 288 robbery cases from January to June this year, a 10.3% increase compared to 261 cases in the same period last year. Amid the rising trend of robbery crimes, individual currency exchange offices that hold large amounts of cash and have weak security have become prey for criminals. In fact, three robbery incidents targeting currency exchange offices occurred in Seoul and the metropolitan area within the past week. On the 30th of last month, two robbers posing as customers stormed a currency exchange office in Pyeongtaek, Gyeonggi Province, and stole 10 million won in cash. They pretended to exchange money, and when a female employee in her 60s opened the safe, they threatened her with a toy gun, took the money, and fled in a prepared car.

Then, on the 31st of last month in Guro-gu, Seoul, a man in his 30s from China approached as if he wanted to exchange money, robbed 120 million won in cash, fled, but was caught and arrested by the police. This man called the currency exchange office owner outside to conduct the transaction in the car he came in, and when the owner handed over a paper bag containing cash, he grabbed it and ran away. Also, on the 3rd in Yeongdeungpo-gu, Seoul, a man in his 40s who was an illegal immigrant called a currency exchanger in his 30s, took a bag containing 10 million won, fled, but was caught by the police. They exploited the fact that currency exchange offices are operated by a single person and committed crimes under the pretext of large currency exchanges. Professor Lee Woong-hyuk of the Department of Police Science at Konkuk University said, "Currency exchange offices handle cash, but their security is not as strict as banks," adding, "They have become easier targets for criminals who want to seize cash."

The Korea Customs Service, the competent authority, has begun preparing measures to strengthen security at currency exchange offices. A Korea Customs Service official said, "After encountering a series of recent incidents, we have started reviewing measures to strengthen security, including making the installation of security systems mandatory," adding, "If the necessity is confirmed through the review, we plan to propose it to the higher authority, the Ministry of Economy and Finance, and it could be improved through amendments to the enforcement decree." The official also added, "While strengthening security is important, we are carefully reviewing it because it could become a regulation for currency exchange operators."