Regulations Governing Anti-money Laundering of Agricultural Financial Institutions Article 13

An agricultural financial institution is not required to file a report on any of the following cash transactions above a certain amount with the Investigation Bureau, provided the financial institution verifies the identity of the customer and keeps the transaction records thereof:1. Deposits into the accounts opened by government agencies, state-run enterprises, institutions acting with governmental power (within the scope of mandate), public and private schools, public enterprises and government funds established where relevant regulations or contractual relationships so provide and their transactions with the agricultural financial institution.2. Receivables and payables collected and made by an agricultural financial institution on behalf of government treasuries.3. Transactions and fund arrangements between financial institutions. Notwithstanding the foregoing, payables to another financial institution’s customer paid through an inter-bank deposit account, such as a customer cashing thecheck issued by another financial institution, shall be handled as required, provided the cash transaction of the same customer exceeds a certain amount.4. Funds paid by a lottery merchant for purchasing lottery tickets.5. Payments collected on behalf of a third party (excluding payments deposited in designated stock subscription accounts and credit card payments collected) where the payment notice expressly bears the name, ID Card number (including the code which enables tracking of counterparty’s identity), and type and amount of transaction. Nevertheless, the duplicate copy of the payment notice shall be kept as the transaction record.In case of non-individual accounts such as those opened by department stores, megastores, supermarket chains, gas stations, hospitals, transportation businesses and hotels and restaurants which must deposit cash amounting to over a certain amount constantly or routinely in line with business needs, an agricultural financial institution may, after verifying the actual business needs, submit the name list to the Investigation Bureau. Verification and reporting of transactions on a case-by-case basis may be waived for such an account unless the Investigation Bureau responds to the contrary within ten days from the receipt of the name list. An agricultural financial institution shall examine the counterparties to the transactions exempted from reporting on a case-by-case basis at least once every year, and report to the Investigation Bureau for recordation if a counterparty no longer has business dealing as mentioned in this paragraph with it.