As the industry related to foreign exchange transactions, such as money exchange and remittance, is expanding and the inflow demand of new business operators increases, the government recently announced the Foreign Exchange Service Innovation Plan through Convergence and Non-Face-to-Face Expansion and the Promotion of Competition, including the expansion of the scope of entrustment for money exchange and remittance-related affairs, payment through unmanned devices, etc.

However, as the number of business operators performing foreign exchange service-related business increases, and the means of payment diversify, it is necessary to protect the rights of users by strengthening the responsibilities of foreign exchange service-related business operators to prepare for the risk of accidents that may occur during foreign exchange transactions.

Therefore, this amendment aims to require any entrusting organization to supervise the compliance of the entrusted organization’s obligations when consigning foreign exchange transaction-related services; prevent the shift of responsibility of the entrusting organization by considering the entrusted organization as an employee of the entrusting organization if the entrusted organization violates laws and regulations; and protect the rights and interests of the people by clearly prescribing the basis for delegation of sanctions in the case of violation of laws and regulations (Article 10 and Article 20).

Article 10