South Korea's Financial Services Commission and partner agencies will fully launch a system on Sept. 11 that automatically blocks financial transactions under a deceased person’s name from the day after a death report is received. Covering 4,890 firms across all financial sectors, the system is intended to prevent unauthorized transactions without requiring families to submit a separate blocking request. Death information will be shared daily rather than monthly, and financial firms will check customers’ status in real time before processing in-person or remote transactions. Most transactions will be stopped immediately upon confirmation of death, although deposits will remain permitted. Documented exceptional withdrawals for urgent treatment and funeral costs may be paid directly to hospitals, care facilities or funeral homes. Firms must electronically record their handling of the information and related transactions, while using or sharing the data for other purposes is prohibited.
2026-09-07South Korea Financial Services Commission
South Korea's Financial Services Commission and partner agencies to launch automatic transaction blocks for deceased customers across 4,890 financial firms
South Korea's Financial Services Commission and partner agencies will launch automatic transaction blocks for deceased customers across 4,890 financial firms on Sept. 11. Death information will be shared daily, with most transactions stopped from the day after a death report, while deposits and documented exceptional payments for urgent treatment or funeral costs remain permitted.