The Act Governing Electronic Payment Institutions Article 5

Non-licensed electronic payment institutions may not engage in businesses described in Paragraph 1 of the preceding article except for any of the following circumstances:1. Where it is otherwise stipulated in this Act or other laws;2. Where the institution operates businesses specified in Subparagraph 1, Paragraph 1 of the preceding article, the total balance of funds collected and made by the institution as an agent under its custody does not exceed a designated amount, and the institution does not engage in businesses specified in Subparagraph 2 or Subparagraph 3, Paragraph 1 of the preceding article.The methods of calculation and the designated amount of the total balance of funds collected and made as an agent specified in Subparagraph 2 of the preceding article shall be prescribed by the competent authority.Where conditions specified in Subparagraph 2, Paragraph 1 apply, the institution shall, within six months after the date that the total balance of funds collected and made as an agent under its custody exceeds the designated amount specified by the competent authority, apply for approval from the competent authority to operate as an electronic payment institution.The competent authority may, for the purpose of verifying the conditions specified in the proviso in Subparagraph 10 of Article 3, request specific natural persons, juridical persons, or groups to provide related information within a specified period or notify them to answer questions at the office of the competent authority. Where necessary, it may also request banks and other financial institutions to provide their deposit and other related information.