Financial transactions in a deceased person's name blocked automatically — in force across all financial sectors on September 11, 2026
Source material is a Korean government announcement (in Korean).
From September 11, 2026, financial transactions in a deceased person's name are blocked automatically at 4,890 companies across all financial sectors from the day after the death is reported, and bereaved families do not need to apply separately.
Key facts
| Start date | Full operation from September 11, 2026 |
|---|---|
| When blocking takes effect | Financial transactions in the deceased person's name are blocked automatically from the day after the death is reported |
| Scope | 4,890 companies across all financial sectors, including banks, insurers, card companies, securities firms, savings banks and mutual finance |
| Information-sharing cycle | Provision of information on deceased persons by the Ministry of the Interior and Safety shortened from once a month to once a day |
| Exceptional withdrawal | Urgent and unavoidable funds such as medical or funeral expenses can be withdrawn exceptionally on submission of documents such as a family relation certificate (limited to cases paid directly to a hospital, care home, funeral hall or similar) |
| Deposits into the account | Deposits into the deceased person's account are allowed so that heirs can receive the inherited assets without a separate debt-recovery procedure |
| Points to note | Automatic transfers may stop, so payment methods need to be changed in advance to avoid unpaid utility bills, insurance premiums and the like |
| Checking inherited assets | The Financial Supervisory Service's 'inheritance financial transaction inquiry service' (상속인 금융거래조회 서비스) and the Ministry of the Interior and Safety's 'Ansim Sangsok one-stop service' (안심상속 원스톱 서비스) |
| Enquiries | Ministry of the Interior and Safety, Resident Division 044-205-3153; Financial Services Commission, Financial Data Policy Division 02-2100-2696 |
Last checked:
The Ministry of the Interior and Safety (행정안전부), the Financial Services Commission (금융위원회), the Financial Supervisory Service (금융감독원) and the Korea Credit Information Services (한국신용정보원) said on September 6, 2026 that from September 11, 2026 a 'rapid blocking system for financial transactions in the name of a deceased person' (사망자 명의 금융거래 신속차단 시스템), in which all financial sectors take part, will go into full operation. From the day after a death is reported, financial transactions in the deceased person's name are blocked automatically across all financial sectors, and bereaved families do not need to apply separately for the block. The cycle on which the Ministry of the Interior and Safety provides information on deceased persons is shortened from once a month to once a day, and the financial companies using the information are expanded to 4,890 companies across all financial sectors, including banks, insurers, card companies, securities firms, savings banks and mutual finance. Where urgent and unavoidable funds are needed, such as the deceased person's medical or funeral expenses, withdrawal is exceptionally possible on submission of documents such as a family relation certificate.
Background — why this change
Until now, some financial companies received information on deceased persons from the Ministry of the Interior and Safety (행정안전부) once a month through the Korea Credit Information Services (한국신용정보원) and used it to block financial transactions. However, because the deadline for reporting a death is 1 month and the information was shared only once a month, it could take up to 2 months for a financial company to confirm the fact of death, and the financial companies using the information on deceased persons were limited to certain institutions such as banks. Over about a year the government and the financial authorities consulted related agencies and financial companies and built an integrated public–private response system linking the whole process, from the creation and sharing of information on deceased persons through to the blocking of financial transactions. The Korea Credit Information Services has amended its credit information management rules to prohibit using information on deceased persons for purposes other than blocking financial transactions or providing it to third parties, and the Financial Supervisory Service (금융감독원) plans to work with related agencies to inspect financial companies' management of information on deceased persons and their internal controls on an ongoing basis.
Summaries below are factual notes based on government announcements and primary sources — not evaluations or opinions.
FAQ
Do bereaved families have to apply for financial transactions to be blocked?
No separate application is needed. Once a death is reported, the information on the deceased person is linked to the Korea Credit Information Services and financial companies, and the whole process through to the blocking of financial transactions is handled automatically.
Can funeral or medical expenses be withdrawn?
Where urgent and unavoidable funds are needed, such as the deceased person's medical or funeral expenses, withdrawal is exceptionally possible on submission of documents such as a family relation certificate to the financial company. This is limited to cases paid directly to a hospital, care home, funeral hall or similar.
What should be prepared in advance?
Automatic transfers from an account in the deceased person's name may stop, so payment methods need to be changed in advance so that existing utility bills, insurance premiums and the like are not left unpaid.