Financial transactions under a deceased person’s name will be automatically blocked from the day after a death is registered, starting March 11. The Ministry of the Interior and Safety, Financial Services Commission, Financial Supervisory Service, and Korea Credit Information Services said the Rapid Blocking System for Financial Transactions in Deceased Individuals’ Names will provide death information daily to all 4,890 financial institutions. Institutions will check death status during in-person and remote transactions, while deposits into the account will remain permitted. Families must complete inheritance procedures to access the deceased person’s assets, although urgent medical and funeral expenses may be handled through documented exceptional withdrawals. Authorities said the system is intended to protect citizens’ assets and prevent fraudulent financial transactions while reducing inconvenience for bereaved families.