Name, resident number changes to automatically apply at all financial institutions

The Regulatory Rationalization Committee in South Korea has announced plans to streamline the process of updating personal information across all financial institutions. Under the new system, changes to a name or resident registration number made at one institution will be automatically reflected in all others. This change aims to reduce the burden on individuals who currently need to visit each financial institution they have an account with after obtaining court or administrative approval for such changes.

The committee is in talks with the interior ministry, the Financial Services Commission, and the Financial Supervisory Service to revise relevant regulations and facilitate the sharing of information among financial institutions. In 2024, a total of 84,290 name changes and 1,225 resident number changes were approved, highlighting the growing need for such a reform amid increasing concerns over online data theft.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.