Regulations Governing Internal Operating Systems and Procedures for the Outsourcing of Financial Institution Operation Article 7

The internal operations and procedures for protection of customer interests included in the internal outsourcing rules of a financial institution as provided in subparagraph 4, paragraph 2 of Article 4 herein shall include the following contents:1. Where operations involve customer information, the agreement executed by the financial institution and the customer shall include a provision that requires the financial institution to inform the customer of the outsourcing. If the agreement does not include such a provision, the financial institution shall notify its customers in writing of the outsourcing activity and the regulations in the Personal Data Protection Act shall apply.2. The scope of customer information to be provided to the service provider and procedural method for transferring such information.3. Methods for supervising the use, processing, and control of aforesaid customer information by the service provider.4. Procedure and time limit for handling customer disputes in connection of the outsourcing activity; the financial institution shall set up a coordination unit that handles customer complaints.5. Other necessary actions for the protection of customer interests.A financial institution shall be held equally liable to its customer as provided by law if an intentional act or negligence of its outsourcing service provider or the employee of the service provider results in damage to customer interests.