Operating and Management Procedures for the Bank of Korea Won International Payment Network

Enacted: August 27, 2026. Approved by Director, Payment and Settlement Innovation Team-196

Chapter 1 General Provisions

Article 1 (Purpose) The purpose of these Procedures is to define detailed matters delegated by the "Detailed Rules on the Operation and Management of the Bank of Korea Won International Payment Network" (hereinafter referred to as the "Detailed Rules") and necessary details for their implementation.

Article 2 (Method of Advance Notice for Opinion Collection) When collecting opinions on major policies related to the BOK-WireInt in accordance with Article 3 of the Detailed Rules, the major content shall be announced in advance through methods such as notification to relevant institutions, holding briefing sessions for relevant institutions, and posting on the Internet homepage.

Chapter 2 Operation of the BOK-WireInt

Section 1 Participation and Operational Standards for BOK-WireInt Participants

Article 3 (Admission and Withdrawal)

1. The application for admission and the agreement in accordance with Article 4, Paragraph 1 of the Detailed Rules shall be made using <Form Attached No. 1>, <Form Attached No. 2>, and <Form Attached No. 3>.
2. The application for withdrawal in accordance with Article 4, Paragraph 3 of the Detailed Rules shall be made using <Form Attached No. 1>, and the intended withdrawal date shall be a business day, submitted to the Bank of Korea at least 7 days prior to the intended withdrawal date.

Article 4 (Registration of Authorized Persons for Transfer Applications)

1. BOK-WireInt participants must submit the seal of the authorized person for transfer applications in accordance with Article 5, Paragraph 1, Item 1 of the Detailed Rules, which is to be used on all documents for fund transfers through the Won International Current Account, to the Bank of Korea using <Form Attached No. 4>.
2. The seal of the representative affixed to <Form Attached No. 1>, <Form Attached No. 3>, <Form Attached No. 4>, and <Form Attached No. 6> must match the seal registered in the Certificate of Corporate Seal.
3. Notwithstanding Paragraph 1, if the authorized person for transfer applications wishes to use a signature instead of a seal, they may submit <Form Attached No. 5> or a signature register prepared by the participant institution. In this case, the Bank of Korea shall verify the appropriateness of the submitted signature register and decide on its recognition.
4. In the case of changing the registered seal submitted in accordance with Paragraph 1, or if the signature register submitted in accordance with Paragraph 3 is changed, the participant must immediately report this to the Bank of Korea and submit relevant documents.
5. If the Bank of Korea processes business after visually comparing the registered seal with the seal affixed to all documents and determining that there is no error, the Bank of Korea shall not bear responsibility for theft, forgery, alteration, etc.

Article 5 (Method of Collecting Usage Fees) The Director of the Financial Settlement Bureau shall collect the usage fees for the previous month, calculated in accordance with Article 6 of the Detailed Rules, on the 10th of each month (if that day is a BOK-WireInt holiday in accordance with Article 17, Paragraph 2 of the Regulations, the immediately preceding business day) by withdrawing the amount from the Bank of Korea General Current Account of each BOK-WireInt participant.

Article 6 (Change of Operational Hours)

1. If a BOK-WireInt participant or the head of a Bank of Korea department performing business through the BOK-WireInt in accordance with Article 14 of the Detailed Rules determines that a change in operational hours in accordance with Paragraphs 1 through 4 of the same Article is necessary due to any of the reasons listed in Article 11, Paragraph 5 of the Detailed Rules, they must immediately submit an application for change of operational hours in accordance with <Form Attached No. 6> or <Form Attached No. 7> to the Director of the Financial Settlement Bureau. However, in urgent and unavoidable circumstances, the application may be submitted afterwards.
2. If the operational hours of the BOK-WireInt are temporarily changed in accordance with Article 11, Paragraph 5 of the Detailed Rules, the Director of the Financial Settlement Bureau shall create and maintain a record of change of operational hours in accordance with <Form Attached No. 8>.

Article 7 (BOK-WireInt Participant Council)

1. The BOK-WireInt Participant Council (hereinafter referred to as the "Council") in accordance with Article 12 of the Detailed Rules shall be composed as follows:

Category	Payment and Settlement System Division	IT Strategy Division
Chair	Director of Financial Settlement Bureau, Bank of Korea	Director of IT Strategy, Bank of Korea
Members	Heads of departments in charge of fund settlement at BOK-WireInt participants (Up to 3 representative banks)	Heads of departments in charge of IT at BOK-WireInt participants (Up to 3 representative banks)

2. The Council shall consult on the following matters regarding the use of the BOK-WireInt:
   1. Standardization plans for business processing procedures and IT-related matters of BOK-WireInt participants
   2. Matters concerning fee claims and other cost settlements among BOK-WireInt participants
   3. Other matters necessary for the use of the BOK-WireInt

Article 8 (Operation of the Council)

1. The Chair may convene a meeting if deemed necessary.
2. All affairs necessary for the operation of the Council, such as preparation of meeting agendas and creation of meeting minutes, shall be handled by the Financial Settlement Bureau and the IT Strategy Division of the Bank of Korea, respectively.

Article 9 (Management of BOK-WireInt Participants) The Director of the Financial Settlement Bureau shall create and maintain a participant management card in accordance with <Form Attached No. 9> for each BOK-WireInt participant, recording and maintaining information such as compliance with data submission in accordance with Article 13, Paragraph 5 of the Regulations and details of disciplinary measures against BOK-WireInt participants in accordance with Article 25 of the Detailed Rules.

Article 10 (Method of Providing Data to BOK-WireInt Participants) Data provision in accordance with Article 13 of the Detailed Rules shall be conducted by the BOK-WireInt participant applying through the BOK-WireInt and the Bank of Korea approving and providing the data.

Section 2 Procedures for Application and Processing of Fund Transfers

Article 11 (Fund Transfer via Server-to-Server Connection)

1. BOK-WireInt participants shall, in principle, use the server-to-server connection method when making fund transfers.
2. In the case of using the BOK-WireInt in accordance with Paragraph 1, the participant's computer server must be located within the country.

Article 12 (Agency for Input of Fund Transfer Applications) If a BOK-WireInt participant is unable to apply for a fund transfer due to a computer system failure, etc., the Director of the Financial Settlement Bureau may, upon request from the relevant institution, have their staff act as an agent for the input of the fund transfer application.

Article 13 (Notification of Fund Transfer Processing Results) When the Bank of Korea processes fund transfers in accordance with Articles 16, 17, and 19 of the Detailed Rules, it shall immediately notify the processing results to the relevant BOK-WireInt participant.

Article 14 (Processing via Current Account Transfer Application Form) When a BOK-WireInt participant makes a current account transfer application by the Won International Current Account holder in accordance with Item 2 of Article 5, Paragraph 2 of the "Bank of Korea Deposit and Loan Handling Procedures," the Director of the Financial Settlement Bureau shall verify the seal or signature affixed to the application form against the seal registered in accordance with Article 4, Paragraph 1 or the signature registered in the signature register submitted in accordance with Article 4, Paragraph 3, and then process it.

Chapter 3 Supplementary Provisions

Article 15 (Disciplinary Measures)

1. If a head of a Bank of Korea department performing business using the BOK-WireInt encounters a disciplinary cause listed in any of the items of Article 25, Paragraph 1 of the Detailed Rules, they must request the Director of the Financial Settlement Bureau to impose disciplinary measures on the relevant institution in accordance with <Form Attached No. 10>.
2. If the Bank of Korea takes disciplinary measures against a BOK-WireInt participant in accordance with Article 25, Paragraphs 1 and 2 of the Detailed Rules, it shall notify the relevant institution of the violation and disciplinary content in advance. A BOK-WireInt participant who has an objection to the disciplinary measure may submit an explanation regarding it.
3. If the Bank of Korea takes disciplinary measures in accordance with Article 25, Paragraph 2, Items 3 or 4 of the Detailed Rules against a BOK-WireInt participant, it shall notify the content to all BOK-WireInt participants.

Supplementary Provisions <August 27, 2026> These Procedures shall take effect from the date separately determined by the Director of the Financial Settlement Bureau.
<Enacted from September 21, 2026, by Payment and Settlement Innovation Team-219 (Approved by Director, September 17, 2026)>

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<Form Attached No. 1> BOK-WireInt Admission (Withdrawal) Application

BOK-WireInt Admission (Withdrawal) Application

Year Month Day

To the Governor of the Bank of Korea

Institution Name
Representative Seal

Our bank/company wishes to join (withdraw from) the BOK-WireInt as follows, so please grant approval.

1. Applicant Institution
   Address: -□□-□□□
   Paid-in Capital: [Amount] Hundred Million Won Date of Establishment: Year Month Day Financial Soundness Ratio 1)

2. Department and Person in Charge for BOK-WireInt Related Business
   Department Name: [Name]
   Position: [Title]
   Name: [Name]
   Phone Number: [Number]

3. Dedicated Personnel for BOK-WireInt Use 2)
   Settlement Business Personnel: Domestic: [Number], Overseas: [Number] IT Business Personnel: Domestic: [Number], Overseas: [Number]

4. Intended Withdrawal Date 3) and Reason (Only for Withdrawal Applications)
   Intended Withdrawal Date: Year Month Day
   Reason for Withdrawal: [Text]

Attached Documents: BOK-WireInt Admission Agreement, BOK-WireInt Usage Plan, Business Continuity Plan and Internal Regulations, etc. 4), Certificate of Corporate Seal, 1 copy each 5)

Note:
1) The ratio disclosed by the applicant institution immediately prior to the admission application date as defined in the BOK-WireInt admission standards (for newly established financial institutions, the expected ratio at the end of the fiscal year in which the application date falls).
2) Dedicated personnel refers to 2 or more settlement business personnel or IT business personnel who can monitor the BOK-WireInt 24 hours a day (including times other than BOK-FinNet operation hours), and whether they are domestic or overseas personnel must be written.
3) Cannot withdraw from BOK-FinNet before withdrawing from BOK-WireInt.
4) Business continuity plan, internal regulations regarding notification to the Bank of Korea in case of disasters, failures, etc.
5) Attached only for admission applications.

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<Form Attached No. 2> BOK-WireInt Usage Plan

BOK-WireInt Usage Plan

Category	Details
1. Purpose of Admission	[Text]
2. Department and Business for Use	[Text]
3. Estimated Number of Uses* (Monthly Average for the Next 1 Year)	[Number]
4. Counterparty Institutions	[Text]
5. Computer System Installation Date	[Date]
6. Name of Authorized Person for Transfer Applications (Affiliation, Position)	[Name]
Fund Transfer Manager for Current Account Transfer Applications	[Name]

*Specify calculation basis.

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<Form Attached No. 3> BOK-WireInt Admission Agreement

BOK-WireInt Admission Agreement

Year Month Day

To the Governor of the Bank of Korea

Name: [Name]
Address: [Address]
Institution Name
Representative Seal

I hereby agree to join the Bank of Korea Won International Payment Network (hereinafter referred to as "BOK-WireInt") and abide by the following provisions in its use.

Article 1 (Compliance with Regulations) I shall comply with the Bank of Korea's "Payment and Settlement System Operation and Management Regulations," the "Detailed Rules on the Operation and Management of the Bank of Korea Won International Payment Network" for its implementation, and other related regulations (hereinafter referred to as the "Regulations") in using the BOK-WireInt.

Article 2 (Maintenance of Deposit Balance) I shall frequently check the results of transactions through the BOK-WireInt and maintain the Won International Current Account balance necessary for settlement.

Article 3 (Installation and Maintenance of Equipment and Software, etc.)

1. I shall install equipment and software (including disaster recovery facilities) standardized in accordance with the "Regulations" and maintain them to prevent failures.
2. If I discover a failure of the BOK-WireInt or signs that appear to be a failure, I shall immediately notify the Bank of Korea and perform business in accordance with the processing procedures determined by the Bank of Korea.

Article 4 (Cost Burden) I shall bear usage fees and other incidental costs as determined by the Bank of Korea.

Article 5 (Transmission and Reception of Messages)

1. Fund transfer-related messages sent between me and the Bank of Korea shall be deemed received when recorded in the Bank of Korea's computer self-recording device.
2. Fund transfer-related application messages sent by me shall be deemed irrevocable once properly received by the Bank of Korea.
3. Various messages and electronically recorded data sent and received between me and the Bank of Korea shall be deemed to have the same effect as documents defined in the "Regulations."

Article 6 (Processing of Messages)

1. If the Won International Current Account balance is insufficient for the fund transfer application amount at the time the Bank of Korea receives the fund transfer-related message sent by me, I agree to the immediate rejection of the message in accordance with the Bank of Korea's regulations.
2. If funds are erroneously deposited into my Won International Current Account due to the error of the transfer requesting institution, I shall immediately perform a reverse transaction to restore the original state.
3. If I receive notification from the Bank of Korea regarding the processing result of a fund transfer application to the designated account of another BOK-WireInt participant, I shall be deemed to have accepted the request to deposit the transfer amount to the recipient's account received from the transfer requesting institution at that time, and shall immediately deposit the funds into the recipient's account.

Article 7 (Measures in Emergency Situations, etc.)

1. I shall comply with the Bank of Korea's BOK-WireInt Business Continuity Plan and establish and operate its own payment and settlement business continuity plan.
2. I shall maintain 2 or more IT business personnel or dedicated settlement business personnel capable of 24-hour monitoring (including times other than BOK-FinNet operation hours) domestically and overseas in preparation for urgent situations occurring to me (hereinafter referred to as "Emergency Situations" in this Article), such as computer system failures, disasters, strikes, terrorism, business suspension, etc.
3. If an emergency situation causes an obstruction to the operation of the BOK-WireInt, I shall immediately notify the Bank of Korea, and the dedicated personnel in Paragraph 2 shall respond to the emergency situation without delay in accordance with the own continuity plan in Paragraph 1.
4. I shall cooperate with the Bank of Korea when it conducts on-site inspections regarding Article 3 and Paragraph 2.
5. If there is an application for the commencement of rehabilitation proceedings, a decision to commence rehabilitation proceedings, etc., under the "Debtor Rehabilitation and Bankruptcy Act," or an application for bankruptcy, a declaration of bankruptcy, etc., I shall immediately notify the Bank of Korea of the fact.

Article 8 (Compliance with Data Submission) I shall comply with requests from the Bank of Korea for the submission of necessary data in accordance with Article 81, Paragraph 4 of the "Bank of Korea Act."

Article 9 (Confidentiality) I shall not disclose information obtained through the BOK-WireInt to the outside world, except in cases specifically prescribed by other laws.

Article 10 (Objection) If I discover an error in the transaction records received from the Bank of Korea, I shall raise an objection in writing within 5 business days from the date of occurrence and bear the burden of proof accordingly.

Article 11 (Exemption from Liability)

1. I shall not hold the Bank of Korea responsible for damages caused by failures in message transmission, delays in business processing, or transmission of false or erroneous messages, unless there is intent or gross negligence on the part of the Bank of Korea.
2. I shall not hold the Bank of Korea responsible for damages caused by violation of the "Regulations."

Article 12 (Compensation for Damages) If I violate this agreement or cause damages through intent or negligence, I shall compensate the victim for the amount of damages.

Article 13 (Disciplinary Measures, etc.) If I violate the "Regulations" or if it is deemed difficult or impossible to normally perform payment and settlement-related business due to business suspension, cancellation of license, dissolution, bankruptcy, or closure, I shall not raise objections to measures taken by the Bank of Korea, such as requests for correction, restriction or suspension of BOK-WireInt use, or termination of this agreement.

Article 14 (Termination)

1. This agreement shall be deemed terminated if I submit a "BOK-WireInt Withdrawal Application" at least 7 days prior to the intended termination date and the Bank of Korea approves it, or if the Bank of Korea notifies termination in accordance with Article 13.
2. I cannot terminate the BOK-FinNet Admission Agreement before this agreement is terminated.
3. I shall abide by this agreement for matters arising prior to the effectiveness of termination in accordance with Paragraph 1, unless otherwise agreed.

Article 15 (Litigation) The court having jurisdiction over the address of the Bank of Korea's Headquarters shall be the competent court for litigation related to this agreement.

Article 16 (Effective Date) This agreement shall take effect from the implementation date of the "Detailed Rules on the Operation and Management of the Bank of Korea Won International Payment Network."

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<Form Attached No. 4> Report on Seal of Authorized Person for Transfer Applications (Change)

Report on Seal of Authorized Person for Transfer Applications (Change)

Business: Current Account Transfer Application Date of Report: [Date] Institution Name: [Name]

Seal of Authorized Person

Change	Before Change	After Change
Seal	[Space for Seal]	[Space for Seal]

To the Governor of the Bank of Korea

Our bank/company reports the seal of the authorized person for transfer applications as above for the purpose of performing business on current account transfer applications.

Representative Seal: [Seal]

Date of Receipt: [Date]
Time: [Time]
Handler: [Name]
Responsible Person: [Name]
Remarks: (Receiving Person)

Size: 85mm × 190mm

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<Form Attached No. 5> Signature Register

AUTHORIZED SIGNATORIES' LIST

Authorized Signatories' List for Bank of Korea Won International Wire Network (BOK-WireInt)

Bank of Korea

The Participant: ___________________________________

The following is a listing of officials authorized by the Participant to issue instructions or notifications and sign correspondence pertaining to the accounts of the Participant at the Bank of Korea.

Between the Participant and the Bank of Korea, the following individuals are authorized to sign as representative of the Participant on documents which are carried through airmail, air-courier or facsimile transmission.

For the Participant: ___________________________________ Date: ___________________________________ Name: ___________________________________ Title/Department: ___________________________________

Note: The person signing this authorization must be a senior officer of the Participant vested with the authority to control and dispose of assets in the name of the Participant.

Name	Title and Department	Phone	E-mail	Specimen Signature

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<Form Attached No. 6> BOK-WireInt Operational Hour Change Application (For Participants)

BOK-WireInt Operational Hour Change Application (For Participants)

Year Month Day

To the Governor of the Bank of Korea

Institution Name
Representative Seal

Our bank/company wishes to use the BOK-WireInt after the message input end time as follows, so please grant approval.

Fund Transfer Details (Estimated)	Estimated	Remarks
Number of Transactions	[Number]
Amount	[Amount]
Estimated Time Required	[Time]
Reason	[Text]

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<Form Attached No. 7> BOK-WireInt Operational Hour Change Application (For Bank of Korea Department Heads)

BOK-WireInt Operational Hour Change Application (For Bank of Korea Department Heads)

Year Month Day

To the Director of the Financial Settlement Bureau (Payment and Settlement Innovation Team)

[ ] Director (Bureau) Seal

Our [Bureau/Office] wishes to change the message input end time in accordance with Article 11 of the BOK-WireInt Detailed Rules as follows, so please cooperate.

Estimated Time Required	Operational Hour Change Reason	Remarks
[Time]	[Text]

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<Form Attached No. 8> BOK-WireInt Operational Hour Change Record

BOK-WireInt Operational Hour Change Record

Date	Changed Time	Reason for Change	Remarks

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<Form Attached No. 9> BOK-WireInt Participant Management Card

BOK-WireInt Participant Management Card

Institution Name: [Name]
Admission Date: [Date]
Withdrawal Date: [Date]

Responsible Department: [Name]
Address: [Address]
Phone Number: [Number]

1. Business Cooperation Matters

Data Name	Submission Date	Compliance with Submission and Deadlines	Adequacy of Data*
[Text]	[Date]	[Status]	[Status]

Verbal Cooperation Matters

2. Disciplinary Matters

<Related to Detailed Rules Article 25>

Disciplinary Date	Disciplinary Cause	Disciplinary Content
[Date]	[Text]	[Text]

3. Other Matters

*Record as Good, Average, Poor, etc.

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<Form Attached No. 10> BOK-WireInt Participant Disciplinary Request

BOK-WireInt Participant Disciplinary Request

Year Month Day

To the Director of the Financial Settlement Bureau

[ ] Director (Bureau) Seal

1. Target Institution Name: [Name]
2. Content of Violation (Describe in detail): [Text]
3. Disciplinary Content: [Text]