The process to lift freezes on accounts unfairly suspended after being used in voice phishing crimes will be simplified and sped up.
On the 3rd, the Financial Supervisory Service said it will improve the objection review process for accounts frozen due to suspected criminal involvement this month and shorten the suspension period. It will first apply to the banking sector and then expand to the entire financial industry.
The Financial Supervisory Service (FSS) said that if the holder of a suspended account submits an objection with sufficient supporting documents, it will notify the review result within five business days. Previously, there was no separate processing deadline, leading to repeated cases of disruptions in financial transactions.
However, if supplemental or additional supplemental materials are needed, the review period will be extended by five business days and three business days, respectively. The account holder must supplement the supporting documents within the period requested by the bank official.
The burden of proof on victims will also be reduced. The Financial Supervisory Service (FSS) plans to require only minimal common supporting documents by type of objection reason. To verify compensation for services, all of a health insurance qualification certificate, employment certificate, and employment contract were previously required, but going forward, submitting just one of these will suffice.
The Financial Supervisory Service (FSS) will also use a partial payment suspension system to minimize damage from account freezes. If the deposit amount is small, there is no history of prior suspensions, and transactions excluding the relevant amount are confirmed to be related to living expenses, only the suspected criminal amount will be partially suspended and the suspension on the remaining balance will be lifted immediately.
The Financial Supervisory Service (FSS) said, "Do not expose your personal account number externally, such as on secondhand transaction platforms or store websites," and added, "If money of unknown origin is deposited, never withdraw or transfer it; contact your financial company immediately and state your intention to return it."