Financial Crime World

Here is the rewritten article in markdown format:

Personal Information Protection Act (PIPA) of South Korea

==============================================

Personal Data Controller Violations


The Personal Data Controller must comply with requests and orders from the supervising authority, PIPC. Failure to do so can result in severe penalties.

  • Fines and Imprisonment: Non-compliance or breaches of obligations can lead to fines, imprisonment, or both.
  • Corrective Orders and Administrative Fines: Breach of a corrective order issued by the PIPC may result in an administrative fine of up to KRW 30 million.

Punitive Damages


In cases where data breaches are caused by intentional acts or negligence, the personal data controller may be liable for up to five times the damages suffered.

Electronic Marketing


The transmission of advertisements via electronic media requires explicit consent from individuals. If consent is withdrawn or not given, advertisements cannot be transmitted.

  • Explicit Consent: Individuals must explicitly agree to receive advertisements before they can be sent.
  • Identity Disclosure and Contact Information: Advertisers must disclose their identity and contact information, as well as instructions on how to consent or withdraw consent.

Location Information Protection (LBS Act)


Location information can be regulated as personal information if it enables the identification of a specific individual person easily. Any person collecting, using, or providing location information must obtain prior consent from individuals, except in emergency situations or when required by law enforcement agencies.

  • Prior Consent: Location-based Service Providers and Location Information Providers must obtain prior consent from individuals before collecting, using, or providing location information.
  • Reporting to the KCC and Licensing: Location-based Service Providers and Location Information Providers must report to the Korea Communications Commission (KCC) and obtain licenses, respectively.