A.
Based on the clause 3 of the Real-Name Financial System declared by the government of the Republic of Korea, there will be a recipient real name authentication process for the first-time beneficiary for only once.
No further additional real name authentication required for those who had already been through the real name authentication process(However, please NOTE that recipient real name authentication is required for every single bank account and you must proceed with recipient real name authentication if you would like to send money to the previous same recipient with another bank account).
All obtained information(usually through freely given consent) will only be used for purposes specified in any applicable laws.
Recipient authentication is being carried out by Korean local payment service agency based on the following procedures below;
1) ID card upload & Real name verification
- If recipient is a Korean, both resident registration card and driver's license are accepted.
- If recipient is a foreigner, passport, driver's license, valid alien registration card and domestic residence report card are accepted.
2) Confirmation of remittance information
3) 1 KRW bank account validity authentication
When the real name of a recipient authentication is done, the remittance will be completed within 24 hours based on a business day.