(1) In cases where a person to whom this Act is applied falls under any of the following subparagraphs, the Minister of Economy and Finance may issue him or her a warning:
1. Where he or she has conducted a transaction or an act after the expiration of deadline set in the terms of permission or report in cases where he or she obtained permission or filed a report under the provisions of Articles 15 through 18;
2. Where he or she has conducted a transaction or an act in violation of obligations to comply with the procedures, or to obtain permission or file a report (hereinafter referred to as "report, etc.") under the provisions of Articles 15 through 18, which is a transaction or an act with an amount not exceeding the amount (which may be set differently according to the type of transaction or act) prescribed by Presidential Decree.
(2) In cases where any transaction or an act by a person who is subject to the application of this Act has violated the obligations to report, etc. under Articles 15 through 18 not less than twice for the latest five years, the Minister of Economy and Finance may restrict or suspend relevant foreign exchange transactions or act, or revoke permission therefor for a period of not more than one year for each act of violation. <Amended on Jan. 17, 2017>
(3) In cases where the Minister of Economy and Finance takes any measures under paragraph (2), he or she shall hold a hearing.
(4) Matters necessary for measures under paragraph (1) or (2) shall be prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 30, 2009]