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Foreign Exchange Regulation

Overview

The Foreign Exchange Regulation Practice of Kim & Chang consists of attorneys and specialists that have experience in foreign exchange (FX) related work in courts, the Prosecutors' Office, the Ministry of Economy and Finance the National Tax Service, the Korea Customs Service, the Bank of Korea, the Financial Services Commission, the Financial Supervisory Service and commercial banks.  Based on their diverse, hands-on experience in the industry and in-depth knowledge, our practice offers effective and practical legal services. 

Our practice has a track record of successful accomplishments in various areas, including registrations and declarations under the Foreign Exchange Transaction Act (“FETA”), actions in response to FX-related inspections and investigations by regulatory authorities, criminal defense in FX-related cases brought by the Prosecutors’ Office or in courts, and general FX compliance.  

Our practice also works closely with the firm’s experts in other practice groups, including finance, M&A, tax, litigation, internal investigations and general corporate, as necessary in order to offer sophisticated, comprehensive and tailored solutions for FX issues occurring to broad range of our clients. 

Key Servicesshow

Registrations, declarations and reports under the FETA

Our practice handles various registrations, declarations and reports required under the FETA, including registration as a foreign exchange agency to engage in the foreign exchange business or foreign exchange declaration for set-offs, third party payments or capital transactions.  In particular, we work closely with competent authorities for successful completion of declarations for novel transactions having few precedents and registrations or declarations with short deadlines due to certain circumstances.


Response to FX-related inspections and investigations by regulatory authorities

Our practice assists clients in responding to inspections or investigations by the Financial Supervisory Service, the National Tax Service or the Korea Customs Service on whether a party to a foreign exchange transaction is in violation of the relevant foreign exchange transaction laws.  To help our clients successfully respond to and resolve inspections or investigations from the onset, our practice deploys experts that have experience in conducting FX-related inspections or investigations as former regulators to analyze factual patterns, identify the potential issues, prepare defense strategies and provide other legal advice effectively.


Criminal defense in FX-related cases in front of the Prosecutors’ Office or in courts

Led by attorneys who formerly worked for the Prosecutors’ Office, the police or courts and handled investigations or trials on FX-related criminal cases, professionals in our practice are well equipped to provide careful analysis and effective defense strategies throughout the entire process from investigations by the Prosecutors’ Office and the police to trials in courts. 


General FX compliance

We review how clients perform their FX business and provide best practice recommendations for FX compliance.  In the event any violations of the FETA arise in the course of the clients’ FX business, our practice advises on the recommended course of action, such as voluntary disclosure required to prevent further violations and mitigate risks.

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