The South Korean government will allow domestic firms to make remittances to their operations in the Gaesong Industrial Complex in North Korea without a prior report to the Bank of Korea.

The Finance and Economy Ministry says that the new regulation went into effect Tuesday.

The ministry said it has revised regulations to help South Korean companies operating in the inter-Korean complex to prepare for the full-fledged development of the complex and an expected increase in financial transactions to the North.

A branch of South Korean lender Woori Bank that is located in the industrial complex will serve as the intermediary bank.