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-Son Dong-hoo, American lawyer Daeryun, Law Firm (Limited) Legal Column Amid continued exchange rate volatility and global uncertainty, the number of cases of transferring or dispersing assets overseas is increasing. In particular, as the number of cases of managing residence and assets together while traveling between Korea and the United States increases, there are many cases where unexpected variables are encountered and difficulties are expressed. The success or failure of asset transfer depends on the ‘process’ of moving it rather than the asset itself. This is why it is most important to check the risks of each process in advance. The first thing to check when transferring assets of a dual resident is 'legal status'. Korean tax law considers individuals domiciled in the country or staying there for more than 183 days as residents, while the United States considers not only citizens or permanent residents as residents, but also those who meet the Substantial Presence Test. In this way, if the standards of the two countries conflict, a person may be classified as a dual resident, and a complex situation arises in which the country of final residence must be determined according to the tie-breaker rule of the Korea-US tax treaty. In this case, even for the same assets, the tax scope and reporting obligations vary depending on which country the person is recognized as a resident of. There are many cases where one asset is evaluated by different standards in Korea and the United States due to the complex effects of the family's residence, location of assets, and center of economic activity. In addition, an important variable is the 'time of asset disposal'. Depending on when you sell your Korean assets before or after moving to the U.S., tax consequences can vary greatly. If a disposition is made after a change in resident status, the tax burden may increase larger than expected as the standards of both countries are applied simultaneously. In particular, in the case of selling Korean assets as a U.S. resident, the existing tax exemption for one home per household may be limited, which may lead to a substantial tax bomb. Restrictions at the physical 'procedure stage' should also be careful. For overseas residents, it is not easy to access the domestic administrative system, so there are many cases where the process is delayed from the initial stage due to restrictions on mobile phone authentication and problems with submitting original documents. However, these administrative restrictions can be largely resolved by representing the case through a lawyer. This is because business can be carried out without physical presence by submitting documents based on a power of attorney, registering real estate, and acting as an agent for financial procedures. However, what needs to be prepared for more fundamentally than these superficial administrative procedures is the gradually strengthening 'global regulatory risk'. Recently, as both Korea and the United States have strengthened management standards for asset holding and movement, 'transparent reporting' in the process, beyond simply moving assets, has emerged as a key issue. Typically, in the United States, Foreign Financial Account Reporting (FBAR) is applied. Reporting obligations arise when the total balance of overseas financial accounts exceeds $10,000, and failure to comply can result in significant sanctions. In Korea, there is also a trend to expand management targets beyond simple accounts to include trust structures, such as the introduction of the obligation to report overseas trust assets. Ultimately, the core of the response strategy is to operate an integrated risk management system based on 'cross-border capabilities' that penetrate domestically and internationally. This is because asset transfer does not end with domestic disposal, but is followed like a shadow by subsequent procedures such as tax reporting in the United States (FATCA) and explanation of foreign exchange transactions. In an environment where one asset is judged simultaneously in the legal systems of two countries, domestic practice and overseas local response must be organically connected without being segmented. Therefore, the professional capabilities of a law firm that can comprehensively carry out everything from administrative representation in Korea to local legal response in the United States within one fence is now a necessity, not an option. In an asset management environment where borders between borders have disappeared, preemptive response through this cross-border infrastructure is the only way to fully preserve asset value. Reporter Lee Dong-oh (canon35@mt.co.kr)[View full article] Where is the movement of assets of dual residents blocked? What is the conflict between Korea and the US standards and what is the response strategy? (Shortcut)

When it comes to corporate management, news of a business partner's rehabilitation or bankruptcy filing is not just bad news, it is a fatal risk that can lead to a series of bankruptcies for the company. As a lawyer, I am currently helping numerous companies respond to bankruptcy crises, but I often remember the unfortunate case of a small business going bankrupt with surplus money that I encountered 10 years ago when I was working as a corporate bankruptcy trustee in Uijeongbu. The company did not report its claims on time even after recognizing that the client had entered corporate rehabilitation procedures, and eventually had to face the disastrous result of being kicked out of the market without recovering a single penny. This is a point of deep regret that the worst phase of serial bankruptcies could have been avoided if the bond report had been completed within the golden time and some of the funds had been recovered within the rehabilitation process. The first thing that creditors must keep an eye on in order to protect their rights in the corporate rehabilitation process is the short 'claim report period' of about two weeks to one month designated by the court along with the decision to commence. If the court approves the rehabilitation plan without reporting proper claims within this period, the claims will permanently lose effect in accordance with Article 251 of the Debtor Rehabilitation Act. Of course, there is an exception (Article 151 of the same Act) where the claims are considered to have been reported on time if they are reflected in the list of creditors submitted by the court-appointed administrator. However, in practice, only part of the amount of the claim is often recorded or omitted altogether, and unless the creditor directly comes forward and reports the difference, there is a fatal limitation that the right will inevitably be dissolved. Even if a claim is reported in a timely manner, it can be reflected in the rehabilitation plan only after passing a rigorous claim provision/denial process, so strict compliance with the deadline is a prerequisite for all responses. Of course, in order to provide relief to creditors who missed the reporting period, a supplementary reporting system has been established in the future under Article 152 of the Debtors' Rehabilitation Act, etc., but recovering rights through this is by no means easy. In principle, even such future supplementary reporting is restricted after the 'assembly of interested parties for the hearing of the rehabilitation plan' is over. However, through Supreme Court precedents (2011G256, etc.), the legal principle that "if the administrator knew or could have easily known the existence of the rehabilitation claim but did not enter it in the list of rehabilitation creditors, the administrator will not be forfeited as an exception and a supplementary report can be filed later within one month from the date of learning of the rehabilitation procedure" has been established, which has expanded the scope of relief. There is also a precedent (2006Da77197) that states that relief can be obtained through a performance action even after the rehabilitation procedure is completed. However, the essential risk that companies must face here is that the burden of proof to prove the manager's 'intention or gross negligence (knowledge or could easily have known)' lies entirely with the creditors. In practice, it is an area of ​​judicial uncertainty that is extremely difficult for creditors who have difficulty accessing internal information to explain each and every one of them with objective legal evidence. Ultimately, in the face of a business partner's bankruptcy risk, 'vague wait-and-see' or 'arbitrary judgments based on Internet information' are prohibited, and preemptive and thorough legal response within Golden Time is the only solution. In particular, in order to overcome the latest practical trends of the competent court and the threshold of strict bond investigation procedures, it is necessary to avoid an after-the-fact response and design a systematic defense logic from the beginning of the case. In the face of a major crisis where the survival of the company is at stake, the most reliable response will be to appoint a rehabilitation lawyer who is familiar with the relevant local practice more than anything else. Help: Attorney Seong-moon Choi of Daeryun Law Firm[View full article] Guide to preventing forfeiture of bonds during rehabilitation procedures according to experts (link)

Daeryun Law Firm announced on the 4th that it signed an MOU with Humanworks, a leading digital content and e-commerce company, to provide corporate legal advice and strengthen global capabilities. The agreement ceremony held at the headquarters of Human Works Co., Ltd. on the 27th of last month was attended by key officials from both companies, including CEO Daeryun Kim Kuk-il, lawyers Kim Min-soo and Jeong Hong-cheol, Human Works CEO Park Min-gyu, general manager Kim Hyung-kwang, and team leader Kim Hyun-gu. Established in 2006, Humanworks is an IT company that supplies its high-quality HTML5 games to global big tech platforms such as Samsung, MSN, and Facebook. In addition, it is leading domestic technology trends by operating IT specialized shopping mall ‘App Story Mall’, smart small home appliance brand FIX, and membership ticket reservation platform Casting. Through this agreement, the two companies plan to preemptively prevent copyright disputes that may arise in overseas markets and strongly protect their core IP in line with the global expansion of Humanworks' HTML5-based gamification business. Specific details of cooperation include △review of multinational platform publishing contracts and establishment of customized IP protection strategies for each country, △consulting on game content rating classification and response to IT-related regulations, △customized legal advice for all business areas, including data compliance related to the newly established AX (AI Transformation) Research Institute, and △support for legal consulting services for executives and employees. Park Min-gyu, CEO of Humanworks, said, “Domestic IT companies often face unexpected IP disputes or local regulations in the process of expanding into the global market,” and added, “Based on the legal system of large law firms and global networks such as New York, we expect that this will be a great help to Humanworks’ sustainable growth.” CEO of Daeryun Kim Kook-il said, “We are happy to be a reliable legal partner of Humanworks, which is achieving remarkable results on the global stage. We will mobilize our IP specialist group and global legal capabilities to overcome the regulatory wall faced by IT companies and build a stable legal environment where executives and employees can focus only on their work.” Meanwhile, Daeryun is accelerating the expansion of cross-border legal services connecting domestically and internationally by opening an office in New York, USA last year and solidifying its collaboration system with local patent law firms, and plans to further strengthen its expertise in the IT and content fields through this agreement.[View full article] Daeryun Law Firm, MOU with Human Works… “Strengthening global IP protection and legal advice” (link)

KakaoTalk open chat room, piles of wedding invitations and funeral notes, transaction, congratulatory and condolence expenses, use of evidence…'Business promotion expenses'Falsely reported wedding photos, account numbers, etc. leaked…Violation of personal information protection laws"Unauthorized posting of wedding invitations containing photos violates personality and portrait rights." "2025Does anyone have a wedding invitation or an obituary certificate?? 1per case 1,000live in a circle. 1:1 please chat."last month 16Day 1cloth400people scale 'Sharing information on congratulations and condolences' This post was posted in the KakaoTalk open chat room..A wedding invitation containing a wedding photo of the bride and groom 1It is being sold for 1,000 won. Resident mobile phone and family relationships, A sub-report with the account number written on it 500It is traded for won.Paid a gift or gift 'untruth' This is to be used as proof of congratulations and condolences expenses..It is an act of tax evasion and arbitrarily leaking other people's personal information., It is highly likely to be illegal.. Active trading ahead of comprehensive income tax reporting…"400Also buy groceries" past 1In KakaoTalk open chat on Sunday 'Share congratulations and condolences'Let's search for related open chat rooms 18the dog came out. so-called 'Congratulations and condolences information sharing open chat room'am.This is not a room for people planning to attend a wedding or funeral together.. It is a space where people who have registered as a business share or buy and sell mobile wedding invitations and screenshots of wedding invitations to secure proof of congratulatory and condolence expenses for processing expenses..Each room has at least 700From people to as many as 1cloth400Myeong Ga-ryang participated.. Participants each uploaded photos of their obituaries or wedding invitations. 'Proof of proof'did. We also request information on congratulations and condolences for a specific year..Some are shared for free, but, for sale 1:1 In some cases, a chat link was left to encourage personal transactions..In one open chat room, there is a person who has not shared a single case of congratulatory or condolence information for a month. 'deportation action'There was also a notice that.this 'room'The reason they appeared is that congratulatory gifts and additional money paid to business associates such as business partners are subject to tax law. 'Business promotion expenses'This is because it is classified as a cost and can be treated as a cost if certain requirements are met..Business promotion expenses are expenses incurred to maintain smooth relationships with external personnel related to the business, such as business partners and customers., It is widely recognized regardless of the purpose such as entertainment, social interaction, or honorific purposes..abuse this, Wedding invitations and wedding invitations that have not been confirmed to have actual business relevance, as well as whether or not condolence expenses were actually paid, are being distributed in large quantities online..last month 17From the first day to the last day 1cloth400number of people 'Congratulations, condolences, wedding invitations, obituaries, sharing' As a result of observing the open chat room,, 150More than 100 photos of wedding invitations and funeral certificates were shared.. Illegal transactions are actively taking place ahead of this month’s comprehensive income tax return..One user '2025Summary of the year's congratulations and condolences'A compressed file titled was shared for free.. Let’s download the file 300More than 100 wedding invitations and obituary photos were stored..'2025 Congratulations, condolences, and wedding invitations for sale at the lowest price.'Let's inquire about the price, etc. from the operator of the open chat room titled, "Buying it is not a problem at all. It depends on the quantity 800in a circle 600I'm even giving you won. Others 1I know it sells for around 1,000 won."The answer came back.And then "Usually at least every year 40From the chapter 100page, 400There are many people who have even purchased tickets."added. "Violation of personal information protection laws…Subject to claim for damages" In order for congratulations and condolences expenses to be recognized as business expenses, 'business relevance'class 'proof'Must meet the requirements. Based on general small and medium-sized businesses, the basic limit for business promotion expenses is 3cloth600With 10,000 won, Here, an additional limit is added depending on sales..Cho Moon-kyo, a tax accountant, "Requirements for tax treatment are: 'Is it business relevant?'and 'Is there any proof?'But, Congratulations and condolences must be paid to business partners or customers for business purposes, not for personal purposes."as "Relevant evidence can be accepted if it is a wedding invitation or a letter of death."explained.Congratulatory and condolence expenses 1The amount spent 20If it is less than 10,000 won, a credit card receipt or tax invoice, etc. 'Proof of eligibility' Cost processing is possible without.Joe Tax Accountant "When paying for congratulations or condolences, it is difficult to receive a receipt from the other party due to social norms."as "practical wedding invitation, Expenses are processed solely based on sub-decisions, and this is a method that is generally recognized by tax authorities."said.However, if you cannot explain whether the congratulations or condolences are from a business partner or customer related to your business, it cannot be used as a basis for expense treatment..Joe Tax Accountant "I heard at first glance that business owners share wedding invitations they have collected to cover costs."as "However, the main premise of cost treatment is business relevance., Treating congratulations and condolences as expenses unrelated to your business is an unfair way to reduce your taxes."pointed out.mudfish "If you spend excessive amounts on congratulations and condolences, you may be asked to explain during a tax audit."as "If business relevance is not proven, the expenses will be denied and taxes will be collected."added.National Tax Service corporate tax department official "Corporate business expenses are classified as entertainment expenses., The definition of expenditures for business purposes to enable a corporation to conduct business smoothly with business-related people is clearly stated in the law."as "actually like that (work)If it is caught even though it is not related, of course it will not be acknowledged."He said.However, there are limits to detecting transactions that occur online..National Tax Service official "Even if you go into an open chat room and monitor it, it is realistically impossible to specify personal information because the people chatting do not use the real name of their company or company."said. The problem of personal information leakage is also serious..The bride-to-be's aunt who is getting married next month.(33) Mr. "I sent mobile wedding invitations to my acquaintances., I'm worried that things might be going around or being traded in open chat rooms like this."as "Not only names and photos, but also the location of the wedding venue., I feel uneasy because it contains everything, including time."said.mudfish "I sent it to congratulate you, but I feel uncomfortable that it could be used as information among complete strangers."added.Daesoo Kim, attorney at Daeryun Law Firm, "Wedding invitations and wedding invitations are sent for the purpose of informing a specific recipient of a congratulatory or condolence event."He said "Sharing or selling this to an unspecified number of people in an open chat room may constitute a violation of the Personal Information Protection Act."explained.mudfish "Specifically, there are regulations prohibiting the act of divulging personal information learned in the course of work., There is a high possibility that this may be a violation of the prohibition on providing or receiving personal information for commercial or fraudulent purposes."said.Attorney Kim "Posting a wedding invitation containing a photo of the parties without consent may be a violation of personality rights or portrait rights."as "Even if there are no direct criminal punishment provisions, you may be subject to a civil claim for damages."warned me. minjik@yna.co.kr Minji Kang(minjik@yna.co.kr) [View full article] Yonhap News - [Shot!] Tax evasion worker... Wedding invitations sell for 1,000 won (link) SBS - “Would you like to sell anything to Deputy Head?”… 1,400 people chat room ‘Juljul’ (Go here)

Held jointly with KOFA on the 7th and presented by customs experts and lawyers, “Open a practical path for refunds for importers.” The U.S. Customs and Border Protection (CBP) recently officially launched the online Customs Refund Portal (CAPE) and the refund process worth about KRW 244 trillion (USD 166 billion) is in full swing. A webinar will be held to diagnose changes in the global trade environment and strengthen the practical response of foreign companies. Daeryun Law Firm It was announced on the 4th that in collaboration with the Korea Foreign Companies Association (KOFA), a webinar on 'U.S. tariff refund and trade risk response for companies' will be held at 3 p.m. on the 7th. The event was planned to go beyond simple refund application process guidance and support the establishment of preemptive governance in preparation for complex legal and contractual issues that may appear after refund and strong trade pressure from the United States. At the event, Daeryun experts with outstanding expertise in customs and global corporate legal affairs will directly participate as speakers. In the first part of the event, which is divided into two sessions, Myung Jae-ho, customs expert, will give a lecture on the topic of ‘U.S. IEEPA tariff refund system and latest practical trends.’ Commissioner Myeong is a veteran who has overseen trade review and FTA (Free Trade Agreement) consulting work at major organizations and companies such as Hyundai Express and Korea Origin Information Service. Based on his solid network with related organizations such as the Korea Customs Service, he plans to present various administrative difficulties that companies may experience during the refund process and customs review response strategies. In Part 2, U.S. attorney Dong-Hoo Son will present on the topic of ‘Issues after refund: Official importer structure, refund attribution, and subsequent trade risks.’ Attorney Son is considered an investment and corporate legal expert who has successfully completed numerous cross-border projects, including advising global pharmaceutical companies on their entry into the U.S. market. In this lecture, he will explain that the opening of CBP's online portal is a practical follow-up to the unconstitutional decision made by the U.S. Federal Court in February, and is expected to analyze and present specific scenarios that foreign companies will face. It mainly addresses sensitive issues such as △the scope of phased application of the CBP CAPE refund system, △response to disputes surrounding the settlement of refunds between headquarters and corporations, and △follow-up response plans for cases excluding CAPE application. This event can be attended by any working-level managers in related departments such as HR (human resources), legal affairs, finance, purchasing, SCM (supply chain management), and logistics, as well as executives of foreign companies. Applications for attendance and confirmation of detailed information can be made through the Daeryun Law Firm website. Kim Kuk-il, CEO of Daeryun Law Firm, emphasized, “With the launch of CBP’s portal, a path has been opened for importers who paid the so-called Trump tariffs to receive a substantial refund. However, the essence that companies should pay attention to is not simply whether or not they will receive a refund, but to clearly establish who the refund legally belongs to and ensure logical consistency of trade risks that will develop in the future.” Kim Jin-ryong Reporter (kim.jinryong@mk.co.kr)[View full article] Daeryun holds seminar on US tariff refund and trade risk response (Go here)

Customized legal education and counseling for disabled business representatives and prospective entrepreneurs. Practical support received favorable reviews... Expected to continue expanding the support program for disabled businesses. 'Kinyeonbeop', established by Daeryun Law Firm, announced on the 4th that it successfully completed the 'Legal Support Day for Disabled Businesses' event together with the Disabled Business Support Center. This event, held on the 25th of last month in the main lecture room of the Disabled Business Support Center in Yeongdeungpo-gu, Seoul, addressed the legal difficulties of disabled businesses. It was planned to resolve the issue and create a stable management environment. On this day, corporate officials from various industries such as manufacturing, distribution, and service industries attended, adding to the excitement. The first part of the lecture was given by attorney Shin Jong-su of Daeryun Law Firm. Attorney Shin is a veteran with high achievements in the field of corporate mergers and acquisitions and tax disputes. At this event, he received a great response by explaining key provisions that must be checked when signing a contract and immediate legal response strategies needed when uncollectibles are incurred. In the second part of the lecture, lawyer Kyung-won Yoon, a former prosecutor, appeared. Attorney Yoon is an expert who has worked at the prosecution for over 20 years and has handled a variety of cases, including corporate criminal affairs, tax and economic crimes, and international legal affairs. In the lecture that day, practical legal risks such as transaction fraud and trademark theft, to which small businesses are easily exposed, were pointed out in depth. After the lecture, a one-on-one customized legal consultation session with a professional lawyer was provided. Participants were offered practical solutions to specific issues encountered in actual business settings, such as reorganizing personnel and labor systems and reviewing contracts. In the satisfaction survey conducted after the event, there were many positive evaluations, such as “There were many practical tips that can be immediately applied in the field,” and “I hope that related programs will continue to expand.” Park Maru, chairman of the Comprehensive Support Center for Businesses for the Disabled, said, “Even though businesses with disabilities have high growth potential, they often face difficulties due to lack of access to legal information.” He added, “We hope that this cooperation will be a strong starting point to reduce uncertainty in business operation and help stable growth.” Kim Kuk-il, CEO of Daeryun Law Firm, said, “We planned this event with the intention of realizing the precious relationships between people for the public good within the bounds of the law,” and added, “We will expand legal support and social contribution activities so that companies with disabilities can enjoy their legal rights without discrimination.” Meanwhile, Relationship Law, a public interest corporation established to protect the socially underprivileged and the underprivileged, is continuously carrying out various social contribution projects. [Reporter Son Jeong-heon, Lawleader] twson@lawleader.co.kr][View full article] Incorporated Association, ‘Legal Support Day for Businesses with Disabilities’ successfully concluded (Go here)

According to the Visa Bulletin recently announced by the U.S. Department of State, the employment immigration (EB-1) and highly educated independent immigration (EB-2 NIW) categories have been completely opened, opening up a decisive opportunity for professional applicants to obtain permanent residency. In particular, as the U.S. Citizenship and Immigration Service (USCIS) flexibly applies the application criteria chart, a meaningful time has arrived to expedite the green card process for professional talents such as researchers, engineers, doctors, professors, and entrepreneurs who have been considering EB-2 NIW. However, these policy opportunities do not completely guarantee the acquisition of permanent residency. In particular, when preparing to immigrate with children, the 'cross-border strategy', which involves preparing documents in Korea and coordinating local administrative procedures in the United States in real time, becomes a key variable in determining whether the accompanying children can obtain permanent residency. "As the selection method for professional employment visas (H-1B) has recently been reorganized to focus on wage level, the era of relying on 'luck' to obtain residency status as in the past is over," said U.S. attorney Daeryun of Mia Kim (Limited). "Rather than relying on the uncertain visa lottery," he said. He emphasized, “It is important to take strategic action to secure permanent residency stably and fix the age of children by taking advantage of the current opportunity.” Below is a Q&A. - The criteria for selecting the most appropriate green card category for your situation are: ▶ If you have unique achievements, you should consider EB-1A first, and if you can prove your contribution to national interest as a highly educated person, you should consider EB-2 NIW first. On the other hand, capital-based investment immigration to the United States (EB-5) has recently emerged as a realistic alternative among parents who want to secure the stability of their children studying abroad. The current investment amount is in the range of 800,000 to 1.05 million dollars depending on the region, but there is a strong possibility of an increase in conjunction with the system's re-approval on September 30, so there is a need to hurry up the schedule. -Why 'timing' and 'child's age' management are key in the permanent residency procedure. ▶Now that the door is open, you can secure a work permit early by simultaneously filing an adjustment of status (I-485) even before the petition is approved. It's the best time. The most important thing at this time is 'age lock' according to the Child Status Protection Act (CSPA). The child's age is protected by deduction for the duration of the petition review period, but the child's age is ultimately fixed to under 21 only if the application or fee payment is completed within one year from the time the door is opened. If this timing is missed, there is a risk that only children will be excluded from obtaining permanent residency, so real-time response from both Korea and the United States is essential. - The impact of recent H-1B uncertainty on permanent residency strategy. ▶ As the H-1B visa was reorganized to focus on wage level and employment costs for local companies rose, uncertainty about foreign workers increased. Therefore, rather than relying on this, you should design a roadmap to move directly to permanent residency by utilizing the OPT period provided after obtaining your degree. If you are already residing in the United States, it is a practical rule to secure the stability of your stay until obtaining permanent residency by actively utilizing the state-level talent support program or the H-1B quota exception clause. -The most important factor for applicants to prepare in practice is: ▶ Beyond simply meeting the qualification requirements, it is most important to build an elaborate 'activity plan' that can persuade the examiner. Recently, U.S. authorities have strengthened background checks and rigorously evaluated the actual contribution that applicants' capabilities will make in the United States. In addition to 'cross-border insight' that reinterprets achievements in Korea in the language of the US market, selecting an expert with bilingual and bicultural capabilities who can simultaneously coordinate Korea's unique corporate culture and the US legal system increases the probability of success. - Suggestions to minimize the risk of rejection and increase the success rate of the process are: ▶ 'Pre-screening response' and 'three-dimensional strategic design' through experts. Permanent residency in the United States is a complex legal area that combines stay methods and asset management, so a mid- to long-term perspective of at least two years is required. We need to reduce our dependence on non-immigrant visas and build a roadmap linking higher education, employment, and residence based on permanent residency. The best option is to reduce administrative delays and design a stable route through a cross-border strategy from the early stage.[View full article] U.S. permanent residency strategy and timing, cross-border response determines success or failure (Shortcut)

A soldier in his 20s, who was accused of being an accomplice to a telephone financial fraud (voice phishing) organization, was cleared of charges by the prosecution after handing over his account number and other information to a person impersonating a counselor while trying to obtain a loan. According to the legal community on the 29th, the Daejeon District Prosecutors' Office Seosan Branch cleared Mr. A, a man in his 20s, who was sent on charges of violating the Electronic Financial Transactions Act and aiding and abetting fraud on the 19th of last month. Mr. A was accused of being involved in money laundering by a telephone financial fraud organization. He was accused of providing his bank account information and ID to use as a conduit. He was also accused of finding the amount of fraud that came into his account and delivering it to a telephone financial fraud organization. However, Mr. A denied the charges. In March of last year, while talking to a counselor who he found out through an online loan advertisement, he was deceived by saying, "You can only get a loan if you create transaction details," and became involved in a crime after providing his account number, password, and identification card. Mr. A also received an offer from another person impersonating a counselor while looking for an additional loan, saying, "Your account is being used for fraud. If you find the money deposited in the account and deliver it to us, we will report it to the Financial Supervisory Service and provide relief," and after complying, he was also charged with aiding and abetting fraud. Mr. A claimed, "I never expected that my account would be used for fraud. At the time, I was in a situation where it was difficult to make a sound decision because I was in huge debt after being defrauded of investing hundreds of millions of won." At the same time, he explained, “I asked the so-called counselors several times about the progress of the loan, and if I had had the perception that it was a crime, I would not have done this.” The prosecution determined that neither of Mr. A’s charges were valid. According to the Supreme Court precedent, renting 'access media' such as electronic information contained in the magnetic strip of a deposit account or electronic card can be considered a violation of the Electronic Financial Transactions Act, but the information provided by Mr. A does not fall under this. Regarding the charge of aiding and abetting fraud, considering that Mr. A did not suspect that the loan process was abnormal or could be involved in a crime while talking to people impersonating a counselor, it was deemed that there was no intention to facilitate the crime of telephone financial fraud. Attorney Kim Hyun-soo of Daeryun Law Firm, who represented him, said, "In order to constitute a crime of aiding and abetting, there must be awareness and intent to facilitate the crime of the principal offender, but Mr. A was only a victim of a serial fraud who was deceived while trying to get a loan. We were able to get an acquittal by explaining that the loan was urgent due to the desperate economic situation he was in at the time and there was no perception that it was a crime."[View full article] The information you provided to get a loan ended up in the hands of a fraudulent organization... A man in his 20s accused of being an accomplice was acquitted. (Shortcut)

When entrusting work from a primary insurance company, whether the personal information processor independently collects, manages and operates customer information. The status of personal information processors in the insurance industry has been put on the chopping block as the Supreme Court ruled that an exclusive insurance agent belonging to a primary insurance company who was indicted for using core customer personal information to change insurance details is not a 'personal information processor'. As corporate insurance agencies (GAs) are pursuing the introduction of specialized insurance sales companies, the analysis is that the identity of the personal information processor varies depending on whether they are independent or entrusted. According to the financial and legal circles on the 30th, the Supreme Court recently overturned the original decision that convicted Mr. A, an exclusive planner who stole customer personal information and modified insurance contracts, as a personal information processor, and remanded the case back to the Seoul Central District Court. Previously, the first and second trials viewed designer A as a 'personal information processor' and sentenced him to 10 months in prison and two years of probation. The Supreme Court's reason for overturning the original judgment was that it was necessary to determine whether a person is a personal information processor based on who has the authority to ultimately determine the purpose and means of processing personal information. The key point of the ruling is that the status of personal information processor must have ‘decision authority’ regarding the processing of personal information. This ruling is also having an impact on the GA industry, which is pushing for the introduction of insurance sales companies, advocating for the so-called ‘separation of manufacturing and sales’ that separates product manufacturing and sales. Kim Yong-tae, president of the Korea GA Association, said that insurance companies will focus on product development and asset management, and that sales and follow-up management will be handled by a separate specialized company. Experts analyzed that although it will vary depending on the method of introduction, if an insurance sales company establishes its own database to manage customer information and determine a sales strategy, there is a possibility that it will have the status of a personal information processor. Jeong Jin-yeol, a lawyer at LK Bipyeongsan Law Firm, said, “If product planning and sales are completely separated, the status of the personal information processor is likely to become an insurance sales company.” Currently, GA focuses on agency and brokerage work, but the interpretation is that professional companies have independent responsibility and authority for sales. Shin Hye-jin, lawyer at Daeryun Law Firm, explained, "If an insurance sales company is entrusted with work from an insurance company and processes customer information, the insurance company maintains its status as a personal information processor as a consignor. On the other hand, if it independently collects and manages customer information and conducts business activities based on this, there is a possibility of forming a joint personal information processor relationship with the insurance company." An official from the GA Association said, "How and how personal information will be handled when introducing an insurance sales company is something that will be discussed by the authorities or in the process of introducing laws, so it is not possible to judge at this time." However, he added, "If a sales company becomes a company, it will be at the level of a quasi-financial company, so a more strengthened personal information maintenance system will be needed than the GA type, which is an agency." However, analysis followed that this ruling does not completely eliminate the designer's responsibility. The Supreme Court ruled that even if the defendant is not a personal information processor, he or she may be subject to the penalty provisions under Article 74 of the Personal Information Protection Act. Article 74 stipulates that if an agent or employee of a corporation commits a violation in relation to work, a fine shall be imposed not only on the offender but also on the corporation. The burden on insurance companies has grown further. Attorney Shin said, "Just because a planner is not a personal information processor does not mean that the agent is completely exempt from punishment. From the insurance company's perspective, this ruling clearly assigned the status and responsibility as a personal information processor, so responsibility for overall management of customer personal information collected and processed through insurance planners has been strengthened." He then emphasized, “Insurance companies, GAs, and planners all need to clearly understand the meaning of the ruling and reexamine their personal information management systems appropriate to their respective legal status.”[View full article] Controversy over the status of insurance planners as ‘personal information processors’… “It depends on the seller” (Shortcut)

An employee who was accused of bidding corruption and breach of trust by the company he worked for was cleared of the charges. According to the legal community on the 30th, the Uijeongbu District Prosecutors' Office ordered a non-indictment against Mr. A, a former energy company employee who was sent on charges of breach of trust and breach of trust on the 27th of last month. Mr. A, who worked at a global energy company, allocated excessive quantities to logistics company B, which offered a higher price quote than others, for one year starting in October 2023. He was accused of causing damage. He was also accused of making the CEO pay millions of won worth of travel expenses along with an implicit request while traveling with the CEO of Company B. However, Mr. A denied all charges. Because the company's mistake caused a large amount of damage to company B, the company allocated the quantity to company B to prevent the company from having to pay compensation. In addition, he claimed that he did not arbitrarily select a company and allocate the quantity because the quantity allocation was approved after reviewing the internal factory manager and the head office. Regarding the payment of travel expenses, he explained, “I prepared the travel expenses myself, and I also returned all expenses partially supported by the CEO of Company B with a check.” The prosecution determined that Mr. A could not be seen as having committed a crime alone or taking unfair financial advantage. Considering the fact that, due to the company's system, Mr. A cannot freely select a logistics company and allocate quantities, and that the company claimed that damage was caused by Mr. A but was unable to estimate the amount, it was determined that there was no evidence to establish a charge of breach of trust. Regarding the payment of travel expenses, the ratio of the volume allocated to Company B around the time of Mr. A's trip was maintained at a similar level as before, so it was judged that he did not receive an unfair request and give preferential treatment. Attorney Kim Myeong-cheol of Daeryun Law Firm, who defended Mr. A, said, “We revealed that the lowest price quote cannot be an unconditional criterion for selecting a logistics company, and by closely analyzing the internal approval system of a large company to prove that Mr. A's actions were a reasonable decision, we were able to be acquitted.” “There was,” he said.[View full article] I made an internal payment, but I was sued... Energy company employee acquitted of bid corruption charges (Shortcut)