A money changer is seen in the vicinity of U.S. miitary base in Dongducheon, Gyeonggi Province, Sept. 1. Korea Times file
More than 100 money exchangers were found to be engaging in money laundering and other illegal financial activities, the Korea Customs Service (KCS) announced on Tuesday, as the country is pushing to improve convenience for international travelers to help boost tourism after the pandemic.
The customs agency said 107 out of 1,480 money changers registered with the government were found to have broken foreign currency exchange regulations in a crackdown carried out over four weeks ending Sept. 22.
The 107 were listed on the 140 businesses that the agency has been watching for suspected links to foreign exchange-related crimes.
The 107 were mostly operating in the greater Seoul area ― 61 in Seoul, 18 in Gyeonggi Province and four in Incheon.
Eighty-one of the 107 were owned by Koreans while the remaining 26 belonged to Chinese nationals.
They mostly common infringement related to transaction records, which the agency says are key to transparency and countering money laundering in the foreign exchange business.
Some businesses owners used another party's name in transaction records, while some exchanged amounts over $4,000 at a time ― the maximum daily amount a customer can exchange.
“These money changers are subject to business suspension, fines, and depending on circumstances, criminal punishment,” the KCS said. “We’ll take stern measures against them to root out illegal foreign exchange activities.”
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