Regulations Governing Identity Verification Mechanism and Transaction Amount Limits of Electronic Payment Institutions Article 16

An electronic payment institution is deemed to have carried out the required identity verification process for a user, provided that the outsourced service provider has performed the identity verification of the users by following a procedure not less than the requirements set out in Articles 9 to 11 and Articles 13 to 15 hereof.If an electronic payment institution engage an outsourced service provider to perform the identity verification process, the regulations set forth in Article 7 of the Regulations Governing Anti-Money Laundering of Financial Institutions shall apply to the institution.Where an outsourced service provider cannot implement the measures specified in the preceding paragraph, the electronic payment institution shall terminate its outsourced services.