What will be changed after financial regulatory system reform – no need to submit piles of documents anymore

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Public financial institutions will be banned from asking unnecessary and overlapping documents from customers. Upon revision of the related regulations, financial firms will directly collect documents such as a copy of resident registration, certificate of tax payment, etc. through government database and credit information company.

Reducing the number of such documents is expected to save up to 12 billion won annually, given that a document incurs 4,673 won of social cost.

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