(1) Any person who intends to engage in a foreign exchange affair shall prepare capital, facilities and professional human resources sufficient to conduct such affair and register it as business with the Minister of Economy and Finance in advance, as prescribed by Presidential Decree: Provided, That this shall not apply to any financial company, etc., for which the Minister of Economy and Finance deems such registration unnecessary taking into account the details of such business, and which is prescribed by Presidential Decree. <Amended on Apr. 30, 2011>
(2) Only financial companies, etc. are entitled to engage in foreign exchange affairs, and a financial company, etc. engaging in a foreign exchange affair may conduct such foreign exchange affair insofar as it is directly related to the business of the financial company, etc., as prescribed by Presidential Decree. <Amended on Apr. 30, 2011>
(3) Notwithstanding paragraphs (1) and (2), where a person who is not a financial company, etc. intends to engage in any of the following foreign exchange as a business, he or she shall be registered with the Minister of Economy and Finance in advance after fulfilling the requirements prescribed by Presidential Decree, such as the capital, facilities and professional human resources necessary for the relevant business. In such cases, detailed scope of foreign exchange, including the scale and methods thereof, and the criteria for ensuring the safety under subparagraphs (1) and (2) shall be prescribed by Presidential Decree: <Amended on Jan. 17, 2017>
1. Purchase or sale of foreign currencies, and purchase of traveler's checks issued in a foreign country;
2. Payment or receipt of funds between the Republic of Korea and a foreign country, and the purchase or sale of foreign currencies incidental thereto;
3. Other foreign exchange affairs prescribed by Presidential Decree as deemed necessary to improve convenience of foreign exchange transactions.
(4) If any financial company, etc. which has registered its foreign exchange affairs pursuant to the main clause of paragraph (1) and any person who has registered its foreign exchange affairs pursuant to paragraph (3) (hereinafter referred to as "specialized foreign exchange dealer") intends to modify any of the registered matters prescribed by Presidential Decree or to discontinue the foreign exchange affairs, they shall file a prior report thereof with the Minister of Economy and Finance, as prescribed by Presidential Decree. <Amended on Apr. 30, 2011; Jan. 17, 2017>
(5) Any financial company, etc. which has registered its foreign exchange affairs pursuant to paragraph (1) (including any financial company, etc. pursuant to the proviso of paragraph (1); hereinafter referred to as "foreign exchange agency"), shall obtain authorization of the Minister of Economy and Finance in concluding a contract concerning business subject to application of this Act with foreign financial institutions, if such authorization is prescribed by Presidential Decree as it is deemed necessary for the sound development of the national economy and maintenance of international peace and security, etc. <Amended on Apr. 30, 2011>
(6) Matters necessary to conduct the business of foreign exchange agency and specialized foreign exchange dealer shall be prescribed by Presidential Decree. <Amended on Jan. 17, 2017>
(7) For the purposes of faithful performance of foreign exchange affairs, the Minister of Economy and Finance may require each person registered pursuant to paragraph (3) to take measures as prescribed by Presidential Decree, such as depositing a bond in an institution designated by the Minister of Economy and Finance or purchasing an insurance policy or joining a mutual aid program. <Newly Inserted on Jan. 17, 2017>[This Article Wholly Amended on Jan. 30, 2009]