Precaution on Illegal Currency Exchange Transactions

1) There have been some cases of illegal currency exchange transactions among some foreign students who registerd to The Catholic University of Korea.

■What is Illegal Currency Exchange Transaction?

 Illegal Currency Exchange Transaction is not a currency exchange or overseas remittance business conducted by not a official financial institution that has received a legal foreign exchange license such as bank but illegal currency exchangers that is not a registered institution for legal foreign exchange license.

 If the money extorted from voice phishing victims is deposited into the account of an international CUK student who attempted an illegal currency exchange, the international student's account will be suspended. In addition, the student will experience inconveniences such as restrictions on electronic financial transactions and new account openings, and may be subject to civil and criminal punishment depending on the amount.

 If the students who attempted an illegal currency exchange pay tuition and dormitory fees, their CUK account will also be suspended.

 Illegal currency exchange transaction is an illegal ways to pay. Therefore, if tuition or dormitory fees are remitted through a bank account involved in a currency change transaction, the transaction amount will be considered criminal proceeds and will be confiscated. CUK will not be responsible for the resolution, so international students should be especially careful.

< Example of tuition payment through illegal currency exchange >

① Currency exchange account ▶ Other friend's account ▶ Your own account (Tuition withdrawal) ▶ Virtual account granted by CUK (Tuition deposit)

⇒Suspension of payment on friend's account, your account, and CUK account

② Currency exchange account ▶ My own account (Tuition withdrawal) ▶ Virtual account granted by CUK (Tuition deposit)

⇒ Suspension of payment on both your own account and CUK account

③ Currency exchange account ▶ Other friend's account (Tuition withdrawal) ▶ Virtual account granted by CUK (Tuition deposit)

⇒ Suspension of payment on both friend's account and CUK account

2) Foreign student tuition payment Method

▪ Prohibition on using illegal money changers : Do not use illegal money changers, and exchange money through official financial institutions in your country or Republic of Korea before paying tuition.

▪ Avoid exposing your virtual account number to others : Be careful to manage your personal information including your virtual account number, so that your virtual account is not involved in a crime without your cognition.

▪Payment through official financial institutions : Pay your tuition directly to your virtual account with proper procedures through the official financial institutions in your country or Republic of Korea. Do not pay the tuition through foreign language agency or other people,

3) If the tuition is paid through illegal currency exchange, registration will not be approved and tuition bill will be notified again.

▪ If the CUK's account is suspended by the investigative agency (if the university cannot withdraw the tuition paid by the student) as foreign students paid their tuition through illegal currency exchange, the student must pay the suspended amount of tuition in addition.

▪ If the student does not pay the suspended amount in addition, he or she may be expelled without registration.

2024. 08. 01.

CUK External Affairs Team