PREVIEW

... we first need to dig into the concept of a bank itself.

So, what exactly is a bank?

According to the Banking Act of the Republic of Korea, a bank is defined as follows:

“Banking business” refers to the act of taking deposits or issuing securities or other debt instruments to raise funds by assuming liabilities from an unspecified number of people, and using those funds for lending as a business.

“Bank” refers to any legal entity that regularly and syst ...

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