Expansion to All Financial Institutions Starting in June
The Ministry of Justice will sequentially expand services from June to enable registered foreigners to conduct financial transactions more easily even at secondary financial institutions.
On May 30, the Ministry of Justice announced that it will expand the 'Foreigner Registration Card Authenticity Verification Service' to secondary financial institutions in cooperation with the Korea Financial Telecommunications and Clearings Institute. The Foreigner Registration Card Authenticity Verification Service allows financial companies to send foreigner registration card information to the Ministry of Justice, which then compares it with its own records and provides real-time feedback on authenticity to the financial company.
Since September 2023, the Ministry of Justice has been operating the authenticity verification service for primary financial institutions. Starting early this year, it conducted a pilot program for secondary financial institutions and confirmed both the stability of the service and positive feedback from participating institutions.
Accordingly, beginning in May, the service has been launched at seven secondary financial institutions, and from June onward, it will be gradually expanded to all financial institutions through the Korea Financial Telecommunications and Clearings Institute.
The Ministry of Justice expects that, with this expansion, registered foreigners will be able to conveniently access financial services at branches, mobile apps, and websites of various financial institutions, including banks, credit card companies, securities firms, and insurance companies.
The Ministry of Justice and the Korea Financial Telecommunications and Clearings Institute stated, "We will continue to do our utmost to address the financial inconveniences experienced by foreigners residing in Korea."
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