Financial Crime World

Uncovering Ownership Information in Korea: A Guide

As an individual or entity seeking to verify ownership of companies, financial interests, or luxury goods in Korea, it can be challenging to gather accurate and up-to-date information. This guide provides a comprehensive overview of the steps you can take to uncover this information.

Company/Business Ownership

1. Check the Shareholder Register

  • Accessible to shareholders and creditors at any time
  • Records share transfers in accordance with laws such as the Commercial Act, Corporate Tax Act, and Presidential Enforcement Decree of the Corporate Tax Act

2. Obtain Information from Relevant Laws and Regulations

  • Commercial Act: Share transfer records must be recorded in the shareholder register
  • Corporate Tax Act: Share transfer records are subject to tax reporting requirements
  • Presidential Enforcement Decree of the Corporate Tax Act: Provides guidelines for share transfer recording

3. Request a Detailed Statement of Changes in Stock from the Chief of the District Tax Office

  • For corporations with changes in stock during the business year
  • Obtain information on stock ownership and transfers

Non-Banking Financial Interests

1. Check the Electronic Securities Registry (ESR)

  • Listed securities, beneficiary certificates of an investment trust, stocks of an investment company, etc.
  • Accessible for verification purposes

2. Obtain Information from Trust Companies Licensed Under the Financial Investment Services and Capital Markets Act

  • Required to include identification information when entering into trust contracts
  • Verify ownership of financial interests through trust agreements

3. Request Relevant Documents from Trust Companies Regulated by the Financial Supervisory Service (FSS)

  • Obtain documentation on trust company activities, including identification information
  • Verify compliance with regulatory requirements

Luxury Goods Ownership

1. Check Registration Records with the Ministry of Land, Transport and Maritime Affairs or Local Government (for Vessels)

  • Verify ownership of registered vessels
  • Accessible for verification purposes

2. Obtain Information from the Aviation Act (for Aircraft Owned or Leased by Individuals)

  • Article 3 and 5 provide identification requirements for aircraft owners
  • Verify compliance with regulatory requirements

Note: In some cases, obtaining this information may require a court order or be subject to tax secrecy laws.