SOUTH KOREA
From Times Staff and Wire Reports
Credit Card Tapes Submitted: American Express has submitted computerized records of account holders’ overseas spending as demanded by the Bank of Korea, a company official said. The financial and travel services company had delayed turning over the magnetic tape-recording overseas charges from May to August to South Korea’s central bank, which wants to check credit card use for evasion of foreign exchange controls. The Bank of Korea has ordered South Korea’s 21 credit card companies to hand over magnetic tape that records overseas use to cross-check whether credit card holders on overseas trips exceed the country’s limit of $3,000 per head.
