[Yonhap]
[Yonhap]

A system that automatically updates personal information across all financial institutions when a customer changes their name or resident registration number — after visiting just one institution — will be introduced in the first half of next year.

The Regulatory Rationalization Committee's public welfare subcommittee, the Ministry of Interior and Safety, the Financial Services Commission and the Financial Supervisory Service announced Monday they are pushing ahead with the overhaul.

According to the Regulatory Rationalization Committee, name changes and resident registration number modifications have increased in recent years due to personal data breaches and identity theft, but consumers have had to visit each financial institution individually to update their records — a significant inconvenience.

In 2024, courts approved 84,290 name-change requests and granted 1,225 resident registration number changes.

To address the problem, the Ministry of Interior and Safety will expand the scope of personal information change data it provides to the financial sector, allowing institutions to link updated records with existing ones. The FSC and the Financial Supervisory Service will build a linked system to share and apply the updated information across financial institutions.

Under the new arrangement, a consumer visits just one financial institution they regularly use, submits a consent form for the provision and use of their personal information, and all records at every financial institution where they hold accounts are automatically updated in bulk the following day.

However, identity verification tools such as digital certificates and one-time passwords must still be reissued directly by the individual.

The new system is expected to take effect in the first half of next year, after financial sector operational guidelines are drawn up and the necessary IT systems are developed and integrated.


oskymoon@heraldcorp.com