Sending cash to North Korea just got a little easier

　
Central bank no longer needs prior notification of money transfer

South Korean companies with factories in North Korea that want to send money to the North will no longer be required to report their cash transfers to the Bank of Korea (BOK) before doing so.

The Ministry of Finance and Economy announced Tuesday that it had changed the guidelines for sending money to South Korean investments in North Korea.

Until now, companies had to go through a five-step process that began with getting a permit from the BOK. They would then send the money to their primary bank, which would then transfer the money to the main branch of Woori Bank. Woori would send the money to its branch office in the Gaeseong (Kaesong) Industrial Complex. Finally, the Woori Bank branch in Gaeseong would send the money to the South Korean plant there.

Companies will no longer be required to get prior approval from the BOK, but their primary bank will be required to inform the Unification Ministry of the money transfer, the Ministry of Finance and Economy and the BOK said.