On February 3, D&A LLC, D&A CCA LLC, and the Korea International Trade Association (KITA) held a Seminar on the Foreign Exchange Transaction System and First-Half Exchange Rate Outlook at Trade Tower in Samseong-dong, Gangnam-gu, Seoul.  

Amid the ongoing high exchange rate trend and the government's intensified scrutiny of illegal foreign exchange transactions, the seminar was met with great interest, drawing approximately 150 representatives from import and export companies. 

In his opening remarks, Mr. Hong Uk CHUN, Chairman of D&A CCA LLC and former Commissioner of the Korea Customs Service, stated, “The current foreign exchange inspection system is operating in a way that respects corporate autonomy while strengthening oversight of illegal transactions.” He emphasized, “Companies need to systematically manage their foreign exchange transaction structures and cash flows through expert consultation and collaboration among internal departments.” 

The seminar consisted of three sessions: (1) key trends in foreign exchange inspections by the Korea Customs Service and corporate response strategies, (2) compliance requirements under foreign exchange transaction regulations and major violation cases, and (3) the first-half exchange rate outlook and foreign exchange risk management strategies. 

In the first session, Ki Seop JEONG, Managing Customs Consultant at D&A CCA LLC, explained the key issues and practical response strategies that companies should pay attention to, focusing on the operational direction and main inspection points of the Korea Customs Service's foreign exchange audits. 

In the second session, Partner In Wook HWANG of D&A LLC introduced the regulatory framework for capital transactions and foreign exchange settlements under the Foreign Exchange Transactions Act. He highlighted key legal considerations that companies must understand, including pre-notification and post-transaction reporting obligations, as well as reporting requirements for special settlement methods. He particularly emphasized that violations arising from ignorance of these regulations may result in criminal liability, underscoring the need for careful attention. 

In the last session, Seok Jae LEE, an advisor to KITA, analyzed the trend of rising exchange rate volatility, identified as a major external risk this year, and presented practical foreign exchange risk management strategies for companies. 

The seminar served as a platform to share practical information and strategies in response to recent changes in the external environment, and concluded successfully with strong engagement from participating companies, featuring on-site promotional booths.