KCC Receives Applications from Kookmin Bank and Toss for 'Identity Verification Agency' Designation Review

[Asia Economy Reporter Seulgina Jo] The Korea Communications Commission (KCC) announced that Kookmin Bank and Viva Republica (Toss) have submitted applications for the 2021 personal identification agency designation review.

The KCC stated on the 10th that it plans to conduct document reviews and on-site inspections for the two corporations, Kookmin Bank and Viva Republica, which submitted applications. Personal identification agencies refer to institutions that can verify identity using alternative authentication methods such as mobile phones, credit cards, and biometric authentication instead of using resident registration numbers. According to the '2021 Personal Identification Agency Designation Review Plan' announced on May 18, the KCC received designation review applications from the 7th to the 9th of this month.

Accordingly, the KCC will conduct evaluations based on a total of 92 criteria, including physical, technical, and managerial action plans, technical capabilities, financial capacity, and appropriateness of facility scale. Based on this, the commission will determine whether the two corporations have the ability to safely and reliably perform personal identification tasks. The final step is a resolution by the KCC to decide on the designation of the personal identification agencies.

In accordance with relevant laws, the KCC must notify applicants of the review results within 90 days from the date of application receipt. In unavoidable circumstances, an extension of up to 30 days is possible.

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