Starting this year, when opening a bank account, the actual owner of the account must be disclosed in addition to real-name verification.
 
Currently, financial institutions are obligated to confirm the client's identity for opening new bank accounts or for one-time transactions of over 20 million won.
 
The new regulation requests additional information of the actual account holder even when his or her identity is unclear.
 
In cases when determining the actual owner is difficult due to complex ownership ties, the new rule mandates the decision be made based on the portion of share or practical control of the account.
 
For individuals, information of the actual account holder will be required when opening an account on behalf of someone.