Financial firms to allow single-point updates for name, ID changes

South Koreans will soon be able to update their personal information, such as name changes or revised resident registration numbers, at financial institutions through a single, unified process. This new system is set to launch in the first half of next year.

Previously, individuals undergoing such changes had to visit each financial institution they held accounts with to update their details. This often led to significant inconvenience. The new guideline, developed by the Regulatory Rationalization Committee and relevant ministries, will allow consumers to update their information at just one financial firm, with the changes then linked across all their accounts.

The initiative is designed to simplify procedures and protect consumers from potential identity theft or fraud stemming from outdated personal data. While the system will handle the information linkage, individuals will still need to re-issue personal identification methods like certificates or one-time passwords directly.