1. The government of the Republic of Korea, together with domestic banks, is working to prevent residents from the Islamic Republic of Iran in the ROK, who are unrelated to international sanctions against Iran, from facing any inconveniences in using financial services.

2. On various occasions of contact with the government of the Islamic Republic of Iran, the ROK government informed the Iranian side that the ROK government was actively seeking ways to prevent Iranian residents in the ROK from being denied access to financial services for no particular, unjustifiable reasons.

° The ROK government has also explained to the Iranian government that in compliance with international standards set by the Financial Action Task Force (FATF) and the recently reinstated US sanctions against Iran, Korean banks were implementing more strict verification procedures regarding client identity and sources of funds.

3. The ROK government has notified domestic banks that despite the snap-back of the US sanctions against Iran, civilians of Iranian nationality are not subject to limited access to ordinary financial services.

° In addition, a formal procedure has been established to address challenges facing Iranians in financial transactions.

- In response to inconveniences faced by Iranians in financial transactions that have been reported through the Iranian Embassy in the ROK, the Financial Services Commission and the Korea Federation of Banks, together with commercial banks, are working to figure out the reasons for such inconveniences case by case, to explain those reasons and to put forward ways to resolve them.  

4. The Financial Services Commission, the Financial Supervisory Service and the Korea Federation of Banks will take the following steps in an effort to learn more about and resolve financial challenges facing Iranians.

° They plan to set up a hotline exclusively for Iranians in the ROK to learn about their financial challenges directly from them and to urge financial institutions to take measures to help them.

※ The Financial Supervisory Service’s hotline is reachable at 02-3145-7064 for Iranians using banks in Seoul and 02-3145-7206 for those using provincial or special banks. The hotline to be run by the Korea Federation of Banks will be reachable at 02-3705-5332. The services at the networks will be available from 09:00 till 18:00, week days (except holidays).

° The Financial Supervisory Service will look into what and how financial services are offered by Korean banks to Iranians and other foreigners, as well as whether any of interests and/or rights of foreign consumers have been infringed.

* unofficial translation