How can you tell if a country is ready for the future? If you consider Internet speed, then the Republic of Korea (South Korea) is the leader by far. Its average connection speed is 26.7 MB/s, well above #2 Sweden (19.1 MB/s). It’s not only speed, it also leads in Internet quality, adoption, price, and literacy and gender equality according to Internet Monitor.
It’s not only wired connections, South Korea also leads in mobile 4G coverage, with over 97%. The roll-out of 5G will probably also be world leading; testing of 5G is well underway in preparation for the 2018 Olympics. With the countries tech-savvy consumers and being home to major mobile players such as Samsung and LG, the country is a position to lead the mobile revolution.
It doesn’t stop there. South Korea offers:
- A large eCommerce market (7th in the world)
- Excellent location (close to sixty cities with over one million people)
- An open market (free trade agreements with 75% of the global economy)
- Opportunities for startups (highest government backing per capita for startups)
- An influential culture, with leading brands and pop culture icons
- One of the most innovative countries in the world, ranking number one in the Bloomberg 2017 Innovation Index.
We are thrilled to announce that our flagship identity verification solution, GlobalGateway, now covers the Republic of Korea. For companies looking to expand their digital payment coverage or eCommerce capabilities into South Korea, GlobalGateway now provides a quick, easy way to integrate identity verification for the country of 50 million people.
The data source leverages the government’s database and provides the verification of Name, Date of Birth and Driver's License Number.
Adding identity verification coverage for citizens from the Republic of Korea is part of Trulioo’s overall strategic expansion in Asia Pacific. With the region’s large population base, economic growth, and high adoption of technology, there are huge opportunities for companies to successfully enter new markets. With its state-of-the-art telecommunication system, and an affluent future-friendly consumer audience, South Korea makes a great market to start new mobile commerce applications and services.
“Korea is at the forefront of the mobile revolution,” notes Trulioo CEO Stephen Ufford. “Their quick adoption of innovative solutions makes it an ideal country for forward-thinking companies to expand to.”
Republic of Korea AML/KYC Considerations
For individual customer verification:
b) date of birth, gender (confined to foreign non-residents);
c) identification number;
d) nationality (confined to foreign non-residents); and
e) address and contact information (in the case of foreign non-residents actual address and contact information).
For legal entity customer verification:
a) name of legal person (organisation);
b) identification number;
c) address and location of headquarters and offices (in the case of foreign legal person, actual location of office and contact information);
d) business type (in the case of for-profit organisation); and
e) purpose of establishment (in the case of non-profit organisation).
An amendment of the ‘Act on Reporting and Using Specified Financial Transaction Information’ requires the identification of the beneficial owners and/or customers. Financial institutions may reject transactions with customers who refuse to provide information.
CDD shall be conducted when:
a) a transaction of high importance takes place;
b) the standards of customer identification data changes significantly;
c) there is a material change in the operation method of the account; or
d) the financial institution becomes aware that customer information is not fully acquired.
The updated regulations recommend that enhanced customer due diligence is applied in respect of customers that fall into major high risk categories specified by the FATF, such as PEPs, private banking, correspondent banking and terrorist facilitators/financiers.
Occasional financial transactions include not only one-off transactions above the threshold, but also occasional financial transactions made under the same name of a person with the accumulated amount over the period of 7 days exceeding the threshold. Here, the threshold refers to:
a) USD10,000 or the amount denominated in another currency equivalent thereto, in the cases of foreign exchange transactions denominated in foreign currency; or
b) KRW20,000,000 (approx. USD16,000), in the cases of any other financial transactions than provided for in subparagraph 1 of Article 10-3 of the Enforcement Decree.
Financial institutions must ensure that all electronic financial services and products, such as ATM transactions, internet banking and telephone banking, are based on accounts established through face-to-face identification. Financial institutions must also have policies and procedures in place to address any specific risks associated with non face-to-face transactions, and must implement them when establishing new business relationships and conducting ongoing customer due diligence