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Financial transactions in another person's name for illegal purposes, or arranging them: statutory penalty and likely requested sentence
The statutory penalty for Financial transactions in another person's name for illegal purposes, or arranging them and the likely handling of the case depending on your circumstances. The results are for reference only.
- Statutory penalty
- Up to 5 years in prison or a fine of up to KRW 50 million (both may be imposed)
- Legal basis
- Act on Real Name Financial Transactions and Confidentiality, Articles 6(1) and 3(3) and (4)
- Category
- Finance · Act on Real Name Financial Transactions and Confidentiality
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 or more in prison
Formal trial (prison sentence requested)
- Likely requested sentence
- 1 year or more in prison
Summary fine
- Likely fine
- KRW 5 million or more
For a one-time, unplanned offense, the standard is a fine of KRW 5 million or more.
Notes
- It is punished when there is an illegal purpose such as hiding assets, money laundering, tax evasion or avoiding compulsory execution (seizure).
Frequently asked questions
- Financial transactions in another person's name for illegal purposes, or arranging them: what is the statutory penalty?
- Legal basis: Act on Real Name Financial Transactions and Confidentiality, Articles 6(1) and 3(3) and (4). Statutory penalty: Up to 5 years in prison or a fine of up to KRW 50 million (both may be imposed).
- Financial transactions in another person's name for illegal purposes, or arranging them: 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
- 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
- Unregistered foreign exchange business (hwanchigi, etc.)
- Unregistered money exchange business
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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