Seoul court acquits Paradise Co and two staff in foreign-exchange case
The Seoul Central District Court acquitted Paradise Co and two employees accused of breaching South Korea’s Foreign Exchange Transactions Act. It ruled that casino exchange staff must verify customers’ identities but are not required to establish how they obtained or brought currency into the country; the case involved exchanges of KRW39.3bn and KRW17.7bn.
The ruling defines the limits of casino exchange staff’s verification duties under South Korea’s foreign-exchange law.