Regulatory Alerts2004-04-07
Added · Updated
Directions for Banking Enterprises on Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
Banking enterprises must assist customers in making truthful declarations when settling foreign exchange against the New Taiwan dollar, including verifying accumulated settlement amounts online and preventing the use of third-party names. The regulations set specific limits, such as a US$100,000 cap for single transactions and a New Taiwan dollar 500,000 threshold for exempting small settlements from declaration. Detailed requirements are established for identifying various declarant categories, including residents, non-residents, and individuals from Mainland China, with specific documentation and ID number recording rules. Banking enterprises are also required to verify supporting documents for loans, investments, and internet-based declarations while maintaining electronic records without alteration.
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