Are there any restrictions on doing business with certain countries or jurisdictions?
The South Korean government has imposed heavy restrictions on doing business with North Korea
under the National Security Act. In addition, there were restrictions on engaging in financial
transactions with Iran under the Foreign Exchange Transactions Act. The South Korean
Government recently lifted most of those restrictions, but some of the restrictions will remain for a
certain period of time.
Are there any exchange control or currency regulations?
The Foreign Exchange Transaction Act regulates foreign exchange transactions and includes
provisions on:
Regulatory measures for foreign exchange (FX) stability by the Ministry of Economy and
Finance (MOEF), such as restrictions on FX rates and suspension of FX trading.
Registration requirements for FX-related businesses with the MOEF.
Reporting requirements for designated FX banks.
Reporting requirements to the Bank of Korea or the MOEF on non-typical FX transactions,
such as payment or settlement of foreign currencies through the non-banking system, and
complicated financial or capital transactions (such as derivatives transactions).
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