Face-to-Face and Non-Face-to-Face Financial Transactions Become Possible with Passport

Introduction of Passport Authenticity Verification Service
Non-face-to-face Financial Transactions for Minors and Citizens without Resident Registration Cards

[Asia Economy Reporter Lim Cheol-young] The Ministry of Foreign Affairs, the Financial Services Commission, and the Korea Financial Telecommunications and Clearings Institute announced on the 27th that starting from the 28th, they will begin a passport authenticity verification service to enable domestic financial institutions to use passports more securely as identification during various financial transactions.

The identification authenticity verification service is a service that allows financial institutions to verify in real-time the authenticity of the identification presented by customers by comparing it with the information registered with the issuing authority.

With the implementation of this service, financial transactions for citizens who wish to use passports as identification, such as minors and overseas Koreans, will become more convenient, which is expected to aid social distancing measures in response to the spread of COVID-19.

Additionally, due to the recent amendment of the Passport Act, passports without resident registration numbers issued from the 21st will also be usable as real-name verification identification without inconvenience through the passport authenticity verification service linked to the Ministry of Foreign Affairs' passport information linkage system.

An official from the Ministry of Foreign Affairs stated, "The passport authenticity verification service will not only enhance convenience for citizens but also contribute to preventing financial accidents by blocking the use of forged or stolen passports," adding, "The Ministry of Foreign Affairs, the Financial Services Commission, and the Korea Financial Telecommunications and Clearings Institute will continue to cooperate with the financial sector to ensure that citizens can conveniently use financial services with their passports."

This content was produced with the assistance of AI translation services.