Seoul: Name and resident registration number changes made with one financial institution will be automatically applied at all other financial institutions, officials said Monday. The Regulatory Rationalization Committee announced plans to revise regulations in collaboration with the interior ministry, the Financial Services Commission, and the Financial Supervisory Service. This move addresses the growing need for seamless updates due to increasing online data theft incidents.

According to Yonhap News Agency, the current process requires individuals to personally visit each financial institution where they hold accounts after receiving court or administrative approval for changes. This cumbersome procedure has prompted the committee to propose a system where financial institutions can share information regarding such changes, streamlining the update process for account holders.

In 2024 alone, 84,290 name changes and 1,225 resident number changes were approved, highlighting the scale of updates required across financial institutions. The proposed regulatory changes aim to enhance user convenience and bolster data security in response to the rising trend of online identity modification.