Legal Intellectual

Tired of unprofessional or promotional legal answers?
Daeryun specialist lawyers will answer your questions.

I would like to know whether this is an act that violates the real-name financial transaction system.

Hello, I am asking because I would like to know whether this is an act that violates the real-name financial transaction system. It seems that my friend is in a very difficult situation, with even his salary account under attachment and having taken on private loans. So he asked me to lend him an account that I do not use. Since all deposit and withdrawal notifications appear, it seems my friend would not be able to do anything reckless.. Would it be all right to lend it to him? My girlfriend says that lending an account and things like this are all acts that violate the real-name financial transaction system. I would appreciate your answer.

Violation of the real-name financial transaction system

Real-name financial transaction system

Answer to Related Inquiry

Author: 김국일

We provide our answer regarding acts that violate the real-name financial transaction system.

The real-name financial transaction system is a system that requires all customers of financial institutions to conduct financial transactions only under the name of the actual party to the transaction, not under a pseudonym or another person's name.

This is an important regulatory device for financial order, intended to clarify the source of funds and to block tax evasion, money laundering, and the circulation of illegal funds.

First, under the Act on Real Name Financial Transactions, all financial transactions must be conducted only under one's own real name, and any act of using or lending an account in another person's name in violation of this is entirely illegal.

Even lending an account merely as a favor constitutes a violation of the real-name financial transaction system, and both the person who lent the account and the person who used it may be subject to imprisonment for up to five years or a fine of up to 50 million won.

In addition, if such a lent-name account is used for illegal acts such as voice phishing, illegal private lending, evasion of creditors, and tax evasion, the person who lent the account may also become subject to criminal punishment.

You should bear in mind that there are in fact many cases in which such a person is prosecuted as an accomplice or an aider and abettor.

Therefore, no matter how difficult your friend's circumstances may be, the act of providing an account in your own name to another person constitutes a violation of the real-name financial transaction system and may result in very serious legal liability.

We recommend that your friend seek the help of a legal expert to explore legal solutions together.

Because the legal risks are significant, you may wish to establish a precise course of response with an attorney specializing in finance at Daeryun Law LLC as soon as possible