South Korea Customs Uncovers 63 Violations at 47 Money Exchangers in Crackdown Since March

According to Yonhapinfomax, South Korea's Customs Service announced on July 7 that intensive inspections of 104 money exchangers since March uncovered 63 violations at 47 businesses. The crackdown aimed to block money changers from being exploited as conduits for proceeds from voice phishing and other transnational crimes. False or missing exchange ledgers accounted for 34 violations; non-compliance with transaction standards including missing exchange certificates affected 13 businesses. Administrative penalties included suspension of operations for 3 entities, fines for 27 businesses, and warnings for 42 establishments.

The agency noted that illegal virtual asset trading platforms are expanding across Seoul's Myeongdong and Gangnam districts, with money changers increasingly using simplified remittance services like WeChat Pay and Alipay. Revised foreign exchange laws effective December 3, 2026, will enable stricter sanctions including license revocation against money exchangers violating operational scope regulations.