Handed Over SIM Card and Bank Account for '300,000 Won a Month'... Faced with Legal Consequences

[Financial News] A man in his 30s who provided his SIM card and bank account to illegal private lending operators in exchange for money has received a suspended prison sentence.
According to the legal community on the 26th, the Seoul Northern District Court’s Criminal Division 12 (Judge Kim Hoe-geun) sentenced Mr. A (33), who was tried for violating the Electronic Financial Transactions Act, abetting the violation of the Act on Registration of Credit Business and Protection of Finance Users, and violating the Telecommunications Business Act, to six months in prison with a two-year suspended sentence. He was also ordered to complete 40 hours of community service.
Mr. A was prosecuted for handing over his SIM card and bank account around January 2024, thereby aiding an illegal private lending group in receiving illicit brokerage fees. He was also accused of receiving approximately one million won over six occasions in return for lending a debit card linked to his account.
Investigations revealed that Mr. A was aware his bank account and SIM card would be used to collect brokerage fees, yet he aided the crime. Under current law, both registered and unregistered credit brokers are prohibited from receiving any compensation—such as fees, rewards, or retainers—related to loan brokerage, regardless of the terminology. The illegal private lending group reportedly offered Mr. A 300,000 won per month to borrow his bank account and SIM card for a year. His account was used to receive about 20% of the loan amount as a brokerage fee.
The court stated, "Providing a bank account, a debit card linked to it, and a SIM card in one’s own name is a serious offense," adding, "Lending access media or providing a SIM card can lead to secondary crimes such as vishing, which poses a high risk of producing numerous victims. Therefore, a severe punishment is necessary."
jyseo@fnnews.com Seo Ji-yoon Reporter