Understanding specialized terminology is essential when dealing with legal or financial matters in Korea. This guide focuses on the Korean term for “Specific Financial Transactions,” a key concept often related to anti-money laundering regulations and financial reporting requirements. You’ll learn the core term, related vocabulary, and practical phrases to navigate discussions involving these important financial regulations.
Table Of Content
Core Term
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Expression: 특정금융거래
Pronunciation: teuk-jeong-geum-yung-geo-rae
Meaning: Specific Financial Transactions (This term specifically refers to transactions often monitored under laws like the Act on Reporting and Using Specified Financial Transaction Information, primarily for anti-money laundering purposes.)
Related Vocabulary
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Expression: 자금세탁방지
Pronunciation: ja-geum-se-tak-bang-ji
Meaning: Anti-Money Laundering (AML) -
Expression: 금융정보분석원
Pronunciation: geum-yung-jeong-bo-bun-seok-won
Meaning: Korea Financial Intelligence Unit (KoFIU) -
Expression: 의심거래보고
Pronunciation: ui-sim-geo-rae-bo-go
Meaning: Suspicious Transaction Report (STR) -
Expression: 고액현금거래보고
Pronunciation: go-aek-hyeon-geum-geo-rae-bo-go
Meaning: Currency Transaction Report (CTR) / High-Value Cash Transaction Report -
Expression: 고객확인의무
Pronunciation: go-gaek-hwak-in-ui-mu
Meaning: Customer Due Diligence (CDD) -
Expression: 실명확인
Pronunciation: sil-myeong-hwak-in
Meaning: Real-name verification / Identification check -
Expression: 금융기관
Pronunciation: geum-yung-gi-gwan
Meaning: Financial institution -
Expression: 법률
Pronunciation: beop-ryul
Meaning: Law / Act -
Expression: 규제
Pronunciation: gyu-je
Meaning: Regulation -
Expression: 신고
Pronunciation: sin-go
Meaning: Report / Declaration -
Expression: 의무
Pronunciation: ui-mu
Meaning: Obligation / Duty -
Expression: 거래
Pronunciation: geo-rae
Meaning: Transaction / Deal
Key Phrases in Context
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Expression: 특정금융거래 보고 및 이용 등에 관한 법률
Pronunciation: teuk-jeong-geum-yung-geo-rae bo-go mit i-yong deung-e gwan-han beop-ryul
Meaning: Act on Reporting and Using Specified Financial Transaction Information (commonly known as the Financial Transaction Reports Act) -
Expression: 금융기관은 특정금융거래를 보고해야 합니다.
Pronunciation: geum-yung-gi-gwan-eun teuk-jeong-geum-yung-geo-rae-reul bo-go-hae-ya ham-ni-da.
Meaning: Financial institutions must report specific financial transactions. -
Expression: 자금세탁방지 제도가 강화되었습니다.
Pronunciation: ja-geum-se-tak-bang-ji je-do-ga gang-hwa-doe-eot-seum-ni-da.
Meaning: Anti-money laundering systems have been strengthened. -
Expression: 의심스러운 거래는 금융정보분석원에 보고됩니다.
Pronunciation: ui-sim-se-reo-un geo-rae-neun geum-yung-jeong-bo-bun-seok-won-e bo-go-doem-ni-da.
Meaning: Suspicious transactions are reported to the KoFIU. -
Expression: 고객확인의무를 철저히 이행해야 합니다.
Pronunciation: go-gaek-hwak-in-ui-mu-reul cheol-jeo-hi i-haeng-hae-ya ham-ni-da.
Meaning: Customer due diligence must be thoroughly implemented. -
Expression: 이 거래는 특정금융거래 보고 대상입니다.
Pronunciation: i geo-rae-neun teuk-jeong-geum-yung-geo-rae bo-go dae-sang-im-ni-da.
Meaning: This transaction is subject to specific financial transaction reporting. -
Expression: 특정금융거래법에 따라 신고해야 합니다.
Pronunciation: teuk-jeong-geum-yung-geo-rae-beop-e tta-ra sin-go-hae-ya ham-ni-da.
Meaning: It must be reported according to the Act on Specified Financial Transactions. -
Expression: 실명 확인 절차를 거쳐야 합니다.
Pronunciation: sil-myeong hwak-in jeol-cha-reul geo-chyeo-ya ham-ni-da.
Meaning: You must go through the real-name verification process. -
Expression: 금융 규제가 점점 엄격해지고 있습니다.
Pronunciation: geum-yung gyu-je-ga jeom-jeom eom-gyeok-hae-ji-go it-seum-ni-da.
Meaning: Financial regulations are becoming increasingly strict. -
Expression: 고액 현금 거래 시 보고 의무가 있습니다.
Pronunciation: go-aek hyeon-geum geo-rae si bo-go ui-mu-ga it-seum-ni-da.
Meaning: There is a reporting obligation for large currency transactions. -
Expression: 이 법률은 금융 거래의 투명성을 높이기 위한 것입니다.
Pronunciation: i beop-ryul-eun geum-yung geo-rae-ui tu-myeong-seong-eul nop-i-gi wi-han geot-im-ni-da.
Meaning: This law is intended to increase the transparency of financial transactions. -
Expression: 특정금융거래 정보는 어떻게 활용되나요?
Pronunciation: teuk-jeong-geum-yung-geo-rae jeong-bo-neun eo-tteo-ke hwal-yong-doe-na-yo?
Meaning: How is specific financial transaction information utilized?
Korean Culture Notes
Emphasis on Compliance: Korean financial institutions operate under strict government oversight regarding Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations. Terms like 특정금융거래 are taken very seriously, making familiarity with them crucial for anyone in finance or business within Korea.
Real-Name Financial System: Korea enforces a strict “Real-Name Financial Transaction System” (금융실명제 – geum-yung-sil-myeong-je). This system mandates identification for nearly all financial activities, reinforcing the importance of reporting specific, identifiable transactions.
Central Role of KoFIU: The Korea Financial Intelligence Unit (금융정보분석원 – KoFIU) is the central authority for collecting and analyzing financial reports, including Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs). This highlights Korea’s centralized approach to monitoring financial activities and preventing illicit fund flows.
Adapting to New Technologies: As digital banking and virtual assets become more prevalent, the scope of 특정금융거래 reporting has expanded. This demonstrates Korea’s ongoing efforts to adapt its regulatory framework to encompass new financial technologies and associated risks.
Public Awareness: While 특정금융거래 is a technical term, there’s growing public awareness about financial transparency and anti-corruption measures. News related to financial regulations and enforcement actions is relatively common, reflecting societal interest in these issues.
Real Conversation Example
Situation: A bank employee explains reporting requirements to a business owner making a large cash deposit.
Roles: A: Bank Teller, B: Business Owner
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Expression: A: 이 거래는 고액 현금 거래에 해당하여 특정금융거래 보고 대상입니다.
Pronunciation: i geo-rae-neun go-aek hyeon-geum geo-rae-e hae-dang-ha-yeo teuk-jeong-geum-yung-geo-rae bo-go dae-sang-im-ni-da.
Meaning: This transaction qualifies as a large currency transaction and is subject to specific financial transaction reporting. -
Expression: B: 아, 특정금융거래 보고요? 그게 정확히 뭔가요?
Pronunciation: a, teuk-jeong-geum-yung-geo-rae bo-go-yo? geu-ge jeong-hwak-hi mwon-ga-yo?
Meaning: Oh, specific financial transaction reporting? What exactly is that? -
Expression: A: 네, 특정금융거래법에 따라 일정 금액 이상의 현금 거래는 금융정보분석원에 의무적으로 보고해야 합니다. 자금세탁방지를 위한 조치입니다.
Pronunciation: ne, teuk-jeong-geum-yung-geo-rae-beop-e tta-ra il-jeong geum-aek i-sang-ui hyeon-geum geo-rae-neun geum-yung-jeong-bo-bun-seok-won-e ui-mu-jeok-eu-ro bo-go-hae-ya ham-ni-da. ja-geum-se-tak-bang-ji-reul wi-han jo-chi-im-ni-da.
Meaning: Yes, according to the Act on Specified Financial Transactions, cash transactions over a certain amount must be mandatorily reported to the KoFIU. It’s a measure for anti-money laundering. -
Expression: B: 그렇군요. 그럼 제가 따로 해야 할 일이 있나요?
Pronunciation: geu-reo-ku-nyo. geu-reom je-ga tta-ro hae-ya hal il-i it-na-yo?
Meaning: I see. Is there anything I need to do separately? -
Expression: A: 아니요, 고객님께서 직접 하실 일은 없습니다. 저희 은행에서 규정에 따라 처리할 것입니다. 고객확인을 위해 신분증 확인만 다시 부탁드립니다.
Pronunciation: a-ni-yo, go-gaek-nim-kke-seo jik-jeop ha-sil il-eun eop-seum-ni-da. jeo-hui eun-haeng-e-seo gyu-jeong-e tta-ra cheo-ri-hal geot-im-ni-da. go-gaek-hwak-in-eul wi-hae sin-bun-jjeung hwak-in-man da-si bu-tak-deu-rim-ni-da.
Meaning: No, there’s nothing you need to do directly. Our bank will handle it according to regulations. We just need to re-verify your ID for customer due diligence. -
Expression: B: 네, 알겠습니다. 협조해 주셔서 감사합니다.
Pronunciation: ne, al-get-seum-ni-da. hyeop-jo-hae ju-syeo-seo gam-sa-ham-ni-da.
Meaning: Yes, I understand. Thank you for your cooperation.
Practice Tips
Understanding terms like 특정금융거래 is quite specific, but very important if you’re involved in business, finance, or legal matters in Korea! While you might not use it in everyday casual chat, knowing it helps you understand news articles, official documents, or discussions about financial regulations~.
Try reading Korean financial news headlines or summaries online. See if you can spot 특정금융거래 or related terms like 자금세탁방지 and 금융정보분석원. This helps contextualize the vocabulary! Practice saying the full name of the law too, it’s a good pronunciation challenge! Good luck with your studies!
