Where a resident falls under any of the following subparagraphs in settling any claim or liabilities arising from transactions or acts between residents, between a resident and a non-resident or between non-residents (excluding cases where a person who has filed a report under Article 18 pays or receives money in conformity with the method reported), he or she shall report, in advance, on the method of such payment or receipt to the Minister of Economy and Finance as prescribed by Presidential Decree: Provided, That in cases of transactions prescribed by Presidential Decree for the stabilization of supply and demand for foreign exchange and for the facilitation of foreign transactions, an ex post facto report may be made or a report may be omitted: <Amended on Jan. 17, 2017>
1. Where he or she makes any settlement by extinguishing or offsetting a claim or liabilities by means of balancing, etc.;
2. Where he or she makes any settlement after the period set by the Minister of Economy and Finance;
3. Where a resident pays or receives money to or from a person who is not a party to the transaction in question, or a resident who is not a party to the transaction in question pays or receives money to or from a non-resident who is a party thereto;
4. Where a resident pays or receives money without going through a foreign exchange agency, etc.[This Article Wholly Amended on Jan. 30, 2009]