Calculators & Self-ChecksProsecution Request Estimator
Unregistered money exchange business: statutory penalty and likely requested sentence
The statutory penalty for Unregistered money exchange business and the likely handling of the case depending on your circumstances. The results are for reference only.
- Statutory penalty
- Up to 3 years in prison or a fine of up to KRW 300 million (if 3 times the value of the funds involved exceeds KRW 300 million, up to 3 times that value; both may be imposed)
- Legal basis
- Foreign Exchange Transactions Act, Articles 27-2(1)(1) and 8(3)
- Category
- Finance · Foreign Exchange Transactions Act
Calculate with your own circumstances
What the handling steps mean
- Detention considered · Detention (구속): being held in custody during the investigation and trial under a court warrant when there is a risk of fleeing or destroying evidence
- Formal trial · Formal trial (구공판): the prosecutor asks the court for a trial, and you stand before a judge in a courtroom
- Summary fine · Summary indictment (약식기소): a procedure in which a fine is set on the documents, without a trial in a courtroom
- Suspension of indictment possible · Suspension of indictment (기소유예): the wrongdoing is recognized, but the prosecutor takes various circumstances into account and closes the case without sending it to trial
- Referral to the Family Court possible · Domestic or juvenile protection case: instead of criminal punishment, the Family Court imposes protective dispositions such as counseling, a no-contact order or community service
Handling standards at a glance
Listed from heaviest to lightest. The actual decision depends on the results of the investigation and your circumstances.
Detention considered
- Likely requested sentence
- 1 year 6 months or more in prison
Formal trial (prison sentence requested)
- Likely requested sentence
- 1 year or more in prison
A fine may be imposed together, and a person who only lent an account is usually not detained.
Summary fine
3% or more of the transaction amount, or 1 to 3 times or more the profit gained.
Frequently asked questions
- Unregistered money exchange business: what is the statutory penalty?
- Legal basis: Foreign Exchange Transactions Act, Articles 27-2(1)(1) and 8(3). Statutory penalty: Up to 3 years in prison or a fine of up to KRW 300 million (if 3 times the value of the funds involved exceeds KRW 300 million, up to 3 times that value; both may be imposed).
- Unregistered money exchange business: how is the case usually handled?
- Depending on the circumstances, it may be handled as follows: Detention considered, Formal trial (prison sentence requested), Summary fine. Enter your circumstances in the calculator above to see which one applies.
Other crimes in the same category
- Unregistered foreign exchange business (hwanchigi, etc.)
- Failure to declare cash or other means of payment when entering or leaving Korea
- Forging or altering access media
- Smuggling imports (importing without declaration or declaring different goods)
- Importing or exporting prohibited goods (smuggling)
- Acquiring, transferring, transporting or storing smuggled goods
- Concealing or disguising criminal proceeds
- Receiving criminal proceeds
This is only an estimate based on how investigative agencies usually handle cases. The actual decision and request depend on the facts of the case, such as a settlement, prior convictions and how the crime happened, and on the judgment of the prosecutor in charge; the final sentence is decided by the court. If you are about to be questioned, do not rely on this result alone and talk to a lawyer first.
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