The move is part of Seoul's ongoing efforts to better ferret out financial crime and money laundering activities, the Financial Services Commission said.
South Korea has tightened regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by people to conceal their wealth.
The FSC said in a statement that under the proposed bill, "public enterprises and other government-affiliated institutions are to fall under the newly enhanced currency transaction reporting."
"The definition of a one-off financial transaction is to be changed to a transaction performed by a customer that has not established a business relationship with a financial service provider," it said.(Yonhap)