Registered foreigners can also make non-face-to-face financial transactions using mobile devices.

Registered foreigners will also be able to use non-face-to-face financial services through mobile devices without having to visit the bank in person.

The Ministry of Justice, in cooperation with the Financial Services Commission and the Korea Financial Telecommunications and Clearings & Clearings Institute, launched the ‘Alien Registration Card Authenticity Confirmation Service’ on September 18, which allows registered foreigners to conduct various financial transactions non-face-to-face.

The alien registration card authenticity verification service is a service that compares the personal information and photo information of the alien registration card (including permanent resident card and domestic residence report for foreign nationals) sent by the financial company with the information held by the Ministry of Justice to determine the authenticity and immediately responds to the financial company with the results when a foreigner performs financial transactions non-face-to-face that require alien registration card verification through a mobile app, etc.,

Until now, there has been no system in place to verify the authenticity of alien registration cards, so foreigners have been inconvenienced by having to visit banks in person every time they do financial business that requires ID verification, such as opening a bank account.

Accordingly, the Korean government revised the Immigration Control Act in December last year and established a system to provide an alien registration card authenticity verification service between the Ministry of Justice and financial companies.

The alien registration card authenticity verification service is implemented first for first-tier financial institutions, but the number of participating banks is not large. There are only three banks: Jeonbuk Bank, Hana Bank, and Toss Bank (Internet-only bank). For other banks, you have to visit the bank in person like before. It appears that more banks will participate in the future.

The Ministry of Justice plans to expand the system to include secondary financial institutions by stabilizing the system and identifying demand from financial companies.

Meanwhile, in line with the implementation of the alien registration card authenticity verification service, the Ministry of Justice has also launched a 24-hour online loss reporting service at Hi Korea to prevent theft of lost alien registration cards.

Minister of Justice Han Dong-hoon said, “It is important to match the domestic living environment to global standards in order to attract outstanding foreign talent,” and added, “As part of this, the service to verify the authenticity of foreign registration cards is expected to resolve inconveniences in foreign financial transactions in the future.”

Mary Eve of Papaya Story