A defendant shall be punished by imprisonment for six months.

However, the execution of the above sentence shall be suspended for a period of two years from the date this judgment becomes final and conclusive.

Punishment of the crime

Any person who intends to engage in foreign exchange business, such as payment, collection, receipt, etc. between the Republic of Korea and a foreign country, shall prepare sufficient capital, facilities, and experts in foreign exchange business and register in advance with the Minister of Finance and Economy.

Nevertheless, the Defendant, without being registered with the Minister of Finance and Economy, intended to make a request from Korean tourists, etc. to make a deposit in the account in Korea with the Republic of Makao Special Administrative Organization (hereinafter “Makao”) of the People’s Republic of China (hereinafter “Makao”), to deposit the Korean currency from the Defendant’s name account to the domestic account designated by the client. On the contrary, if the Defendant deposits the Korean currency into the Defendant’s name in the Republic of Korea, he would make the clients pay the red bean dollars to a person designated by the client, and in return, had the clients receive the benefit arising from the difference in the fee and exchange rate.

around October 25, 2014, the Defendant received 14,100,000 won from a person who wants to transfer money from Korea to a national bank account under the name of the Defendant, and paid 14,10,000 won to a person who is designated by the above person under the name of the Defendant, after restricting fees from Maka, and then remitted 2,730,820,150 won in total over 651 times from October 25, 2014 to May 4, 2015, as shown in attached Table (1), to a person who is designated by the above person under the name of the Defendant. From October 25, 2014 to May 9, 2015, the Defendant transferred 2,730,820,000 won in total, from around 25, 2014 to the Republic of Korea, as listed in attached Table (2).

Summary of Evidence

1. Statement by the defendant in court;

1. A report on investigation (with respect to illegal money exchange recovery and amount);

1. Application of Acts and subordinate statutes to a detailed statement of transactions;

1. Relevant Article of the Act and the former Foreign Exchange Transactions Act (Act No. 1406, Mar. 2, 2016) concerning criminal facts;