Directions for Banking Enterprises While Assisting Customers in Declaring Foreign Exchange Receipts and Disbursements or Transactions

Jump to the main content block

Laws and Regulations Database of the Central Bank of the Republic of China-Article Content

Article Content

Title：

Directions for Banking Enterprises While Assisting Customers in Declaring Foreign Exchange Receipts and Disbursements or Transactions

Announced Date： November 18, 1998

Amended Date： December 24, 2025（Effective on the same day）

[Print]

[Print-NoSerialNumber]

(Compliance with the Regulations for Declaration)

Banking enterprises shall assist customers to make truthful declarations pursuant to the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as "the Regulations for Declaration") when customers settle foreign exchange against the New Taiwan dollar.

(Inquiry into the declarant's aggregate settlement amount of the current year)

When processing declarations of foreign exchange settlement against the New Taiwan dollar pursuant to Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration, banking enterprises shall check and include the settlement amount in the declarant's aggregate settlement amount of the current year, and shall note the following:

(1)Banking enterprises shall prevent the declarant from filing a declaration in the name of a third party.

(2)Banking enterprises shall retain records evidencing that the settlement amount has been included in the declarant's aggregate settlement amount of the current year.

When processing declarations of foreign exchange settlement filed by non-residents, banking enterprises are not required to check the declarant's aggregate settlement amount of the current year.

(Prevention of splitting a large settlement amount into multiple smaller amounts)

When processing declarations of foreign exchange settlement against the New Taiwan dollar pursuant to Subparagraph 5, paragraph 1, Article 4 of the Regulations for Declaration, banking enterprises shall note that the settlement amount for each transaction shall not exceed US$100,000, and shall prevent the declarant from splitting a large settlement amount into multiple smaller amounts to circumvent the requirement under Article 6 of the Regulations for Declaration, under which such settlement may only be processed after obtaining the approval of the Central Bank of the Republic of China (Taiwan) (hereinafter referred to as the "Bank"). When processing declarations of foreign exchange settlement against the New Taiwan dollar pursuant to Subparagraph 3, Article 5 of the Regulations for Declaration, banking enterprises shall ensure that the aggregate settlement amount does not exceed the limit approved by the competent authorities.

When processing remittances for international humanitarian assistance by a domestic charitable and public welfare organization, banking enterprises shall include the settlement amount for each transaction in the organization's aggregate settlement amount of the current year. However, where the organization's international humanitarian assistance plan has been approved by the competent authority, the settlement funds are consistent with the approved plan, and the banking enterprise has verified the relevant supporting documents, the settlement amount of such transaction shall not be included in the organization's aggregate settlement amount of the current year.

(Declarations of foreign exchange settlement by holders of other identification documents)

For holders of identification documents issued by the Ministry of Foreign Affairs to officials of diplomatic missions accredited to the Republic of China (Taiwan) ("ROC") and their dependents, the amount of foreign exchange settlement against New Taiwan dollar shall be the same as that for non-residents.

Declarations of foreign exchange settlement against the New Taiwan dollar filed by foreign diplomatic missions accredited to the ROC shall not be subject to any restrictions on settlement amounts, regardless of the nature of the settlement.

For clinics, accounting firms, and law firms that have not completed business registration, and for public welfare trusts established with the approval of the relevant competent authority, the amount of foreign exchange settlement against New Taiwan dollar shall be the same as that for associations.

(Declarations of foreign exchange settlement by companies on behalf of employees for share subscription payments, share sale proceeds, and cash dividends)

When processing declarations of foreign exchange settlement filed by listed (including OTC-listed) companies and emerging stock companies in their own names, on behalf of foreign employees (excluding employees from the Mainland Area) for inward remittances for share subscription payments, or outward remittances of share sale proceeds and cash dividends, banking enterprises shall process such declarations only after verifying the accuracy of the Declaration Statement of foreign exchange receipts and disbursements or Transactions (hereinafter referred to as the "Declaration Statement") and the detailed list of settlements submitted by the company, which shall include employee names, nationalities, identification document numbers, numbers of shares subscribed for or sold, cash dividend amounts, and settlement amounts, and such settlement amounts shall not be included in the relevant company's aggregate settlement amount of the current year.

When processing declarations of foreign exchange settlement filed by the Taiwan branch or subsidiary of a foreign company in its own name on behalf of its domestic employees for outward remittances of subscription payments for shares of the foreign head office or parent company, or inward remittances of proceeds from the sale of such shares and cash dividends, where the outward or inward settlement amount for each domestic employee is less than the foreign-currency equivalent of NT$500,000, banking enterprises shall only process such declarations after verifying the accuracy of the Declaration Statement and the detailed list of settlements submitted by such Taiwan branch or subsidiary, which shall include each employee's name, identification document number, and settlement amount. However, if the settlement amount for any single outward or inward transaction by a domestic employee reaches the foreign-currency equivalent of NT$500,000, the Taiwan branch or subsidiary shall additionally indicate the employee's date of birth on the detailed list of settlements, for the banking enterprise to check and include the amount in that employee's aggregate settlement amount of the current year.

(Declaration of settlement involving sale of shares by an original foreign shareholder of a primary TWSE (TPEx) listed company or a foreign emerging stock company in Taiwan)

5-1.

5-1. Banking enterprises that handle the declaration of settlement of outward remittance of proceeds from the sale of shares by an original foreign shareholder of a primary TWSE (TPEx) listed company in Taiwan or a foreign company registered as an emerging stock company in Taiwan, may process the declaration of settlement after verifying the following documents, provided the original foreign shareholder has opened only a brokerage sale account with the securities firm:

(1) Original share certificate: Documents evidencing shares of the foreign company obtained by the foreign shareholder, or shares as an employee in accordance with the regulations of the foreign company's country of registration before the foreign company becomes primary TWSE (TPEx) listed in Taiwan or registers as an emerging stock company in Taiwan;

(2) Proof of sale of shares;

(3) Other relevant documents (e.g. interest and discount); and

(4) Non-resident legal entities and non-resident individuals shall submit a letter of authorization authorizing their representative or agent within the territory of the Republic of China to make a declaration of foreign exchange settlement on their behalf in the name of the representative or agent.

(Settlement for an amount less than NT$500,000)

When engaging in a single foreign exchange transaction against the New Taiwan dollar for an amount less than NT$500,000 or the equivalent thereof, the customer is not required to complete a Declaration Statement and the settlement amount will not be counted toward the aggregate settlement amount of the current year.

Banking enterprises shall, however, be aware of and strive to prevent customers from breaking up a large settlement into smaller ones to evade the required declaration and enquiries about the aggregate settlement amount of the current year.

(Declarations of foreign exchange settlement for borrowing from, and repayment to overseas subsidiaries)

When processing declarations of foreign exchange settlement filed by a firm whose investment in a third area or the Mainland Area has been approved by, or filed for recordation with, the Ministry of Economic Affairs, in respect of borrowing loan principal from, and repaying principal and interest to, its subsidiary in such area, banking enterprises shall, as applicable, note the following:

(1)For settlements of inward remittances of loan principal from a third area or the Mainland Area into the Taiwan Area against the New Taiwan dollar: Banking enterprises shall verify the investment approval (or recordation) letter issued by the Ministry of Economic Affairs regarding the firm's investment in a third area or the Mainland Area, the loan documentation between the firm and its subsidiary, and the accuracy of the "Declaration Statement for Loans Borrowed by Taiwan Firms from Subsidiaries in the Third Area" or the " Declaration Statement for Loans Borrowed by Taiwan Firms from Subsidiaries in the Mainland Area" (in duplicate, as set out in Attachments 1 and 2), before processing the declaration. The settlement amount of the inward remitted loan principal shall not be included in the firm's aggregate settlement amount of the current year.

(2)For settlements of purchases of foreign exchange for outward remittances to a third area or the Mainland Area for repayment of principal and interest: The firm may purchase foreign exchange for repayment of principal and interest by presenting the original of the second copy of the "Declaration Statement for Loans" issued by the banking enterprise under the preceding subparagraph; such settlement amount shall not be included in the firm's aggregate settlement amount of the current year.

(Declarations of foreign exchange settlement for outward remittance of funds derived from dividends or profits repatriated from overseas subsidiaries)

When processing declarations of foreign exchange settlement filed by a firm referred to in the preceding point for the purchase of foreign exchange for outward remittance, within the amount of the New Taiwan dollar proceeds from the sale of dividends or profits repatriated from overseas subsidiaries, banking enterprises may process the declaration where the firm presents the original of the second copy of the "Declaration Statement for Inward Remittance of Dividends and Profits by Taiwan Firms from Subsidiaries in the Third Area" or the "Declaration Statement for Inward Remittance of Dividends and Profits by Taiwan Firms from Subsidiaries in the Mainland Area" (in duplicate, as set out in Attachments 3 and 4), which was completed by the firm and verified and stamped by the banking enterprise at the time of inward remittance; the amount of foreign exchange purchased for such outward remittance shall not be included in the firm's aggregate settlement amount of the current year.

(Entry of the declarant's registered ID/certificate number)

Banking enterprises shall assist declarants in truthfully filling out the "declarant's ID number" in the Declaration Statement in accordance with the following provisions:

(1)Companies and firms: Indicate the Uniform Business No. provided by the competent authorities for its establishment and registration.

(2)Associations, representative offices and business offices: Indicate the uniform tax withholding number assigned by the tax authorities. For an association without a uniform number, indicate the name of the competent authorities approving its registration and its registration certificate number.

(3)Individuals:

A. An individual with a Citizen's ID Card: Write down the Citizen's ID No. and date of birth.

B. Holder of a relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a validity of more than one year: Indicate the uniform identification number, the date of issuance, date of expiry (enter 999/12/31 for the date of expiry for Alien Permanent Resident Certificate), and date of birth as specified on the certificate.

C. Minors: For natural persons under 18 years of age bear a Citizen's ID Card or a relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a validity of more than one year, the "declarant's ID number" on the Declaration Statement shall be provided in the item of "Individual" in accordance with the provisions in the preceding two items, and the legal representative of the minors shall also sign on the Declaration Statement at the "Signature of the Declarant and its responsible person" section.

(4)Non-residents:

A. Natural persons (including persons under 18 years of age):

i. Persons holding a relevant Taiwan Area Resident Certificate or an Alien Resident Certificate with a stated validity period of less than one year, or persons from the Mainland Area or residents of Hong Kong or Macao holding a Taiwan Entry and Exit Permit or a relevant entry document without resident status: State in the Declaration Statement the nationality shown on the certificate or permit, the uniform identification number (or, if no uniform ID number is available, the permit number), and the date of birth.

ii. Foreign passport holders, persons holding identification documents issued by the Ministry of Foreign Affairs to officials of diplomatic missions accredited to the ROC and their dependents, and persons holding a ROC passport but not holding a Citizen's ID Card: State in the Declaration Statement the nationality, passport (or certificate) number, and date of birth.

B. Legal persons:

i. Non-resident legal entities: Shall authorize its representative or agent in the R.O.C. to act as the declarant. In its Declaration Statement, the said representative or agent shall write down his/her ID No. or certificate number and clearly specify the representation/ agency relationship.

ii. Non-ROC financial institutions: Such institutions shall authorize a financial institution within the ROC to act as the declarant on their behalf. The authorized financial institution shall state in the Declaration Statement the uniform business number assigned on its establishment license approved by the competent authority, and shall indicate that it acts as an agent.

(Declarant should verify the accuracy of declared items and sign the Declaration Statement)

Information written down in a Declaration Statement concerns the rights and obligations of a declarant. In case a Declaration Statement is filled out for a declarant by a third person, the declarant shall affix her/his seal or signature on the Declaration Statement after verifying the accuracy of all the declared items to specify explicitly his/her responsibility.

(Assistance in truthful declaration)

Banking enterprises shall assist declarants to fill out the Declaration Statement carefully and truthfully. In the event that the nature of the settlement and the amount to be settled are inconsistent with the status or occupation of the declarant or contrary to the judgment of common sense, the Banking enterprise shall assist the declarant to declare truthfully before processing the settlement.

(Seal of the declarant)

In case a declarant uses a seal for a specific purpose on his Declaration Statement, the purpose of the seal shall be one for making settlements or relevant to the settlements.

(Correction of Declaration Statement)

The amount stated in a Declaration Statement may not be corrected. If any other fact stated in the Declaration Statement is corrected, the declarant shall affix his/her seal or signature next to the correction.

(Verification of the completeness of the Declaration Statement and the nature of the transaction)

Banking enterprises shall verify that all fields of the Declaration Statement have been completed. The nature of settlement shall be stated truthfully and in detail and shall not be replaced by a remittance classification code. Where more than one nature of settlement or currency is involved, each nature, currency, and settlement amount shall be separately stated. In addition, the nature of settlement shall be stated in accordance with the following provisions:

(1)Nature of foreign exchange receipts or transactions: Companies, firms, associations, or individuals shall state the source of their foreign exchange funds; non-residents shall state the use of the New Taiwan dollar proceeds from the sale of foreign exchange.

(2)Nature of foreign exchange disbursements or transactions: Companies, firms, associations, or individuals shall state the use of their foreign exchange funds; non-residents shall state the source of the New Taiwan dollar funds used to purchase foreign exchange.

(Declaration of settlement through domestic remittances or remittances from abroad)

For foreign exchange settlements where a customer first deposits inward remittances from abroad or the OBU of a domestic bank into his/her foreign currency deposit account and then withdraws the money, or remits money in through another domestic bank or through the OBU of a domestic bank, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1)The nature of settlement shall be the same as that of inward remittances from abroad or through the OBU of a domestic bank.

(2)For the "origin of remittance", put down "domestic" in the case of withdrawal from foreign exchange deposit accounts or inward remittances from another domestic bank; put down "OBU of domestic bank" in the case of selling foreign exchange from inward remittances through the OBU of a domestic bank.

(Declaration of settlement by purchase of foreign exchange and then remittance to a domestic bank or a bank abroad)

If a customer buys foreign exchange and deposits it into his foreign currency deposit account or remits it to another domestic bank, and then remits the money again abroad or to the OBU of a domestic bank, or the customer buys foreign exchange and remits it to the OBU of a domestic bank directly, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1)The nature of the foreign exchange disbursement or transaction shall be the same as that of the outward remittance abroad or to the OBU of a domestic bank.

(2)As for the "destination of remittances", put down "domestic" in the case of money deposited in a foreign currency deposit account temporarily or remitted to another domestic bank; put down "OBU of domestic bank" in the case of money remitted to the OBU of a domestic bank.

(Agreement on declaration over the Internet)

When a banking enterprise accepts a declarant's application for making a declaration of foreign exchange settlement via the Internet in accordance with Article 11 of the Regulations for Declaration, the related terms and conditions of the agreement between the banking enterprise and the declarant shall include matters prescribed in Article 12 of the Regulations for Declaration.

(Design of online control programs)

Banking enterprises shall design online control programs according to declaration procedures which are applicable for making declarations in person at the Banking enterprise, provide online declaration instructions, the Regulations for Declaration and relevant provisions on the website, and assist declarants in making declarations through the Internet.

(Enquiry of online declarations)

When a declarant makes a declaration of foreign exchange settlement against the New Taiwan dollar via the Internet which is counted toward the declarant's aggregate settlement amount of the current year as provided in Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration (hereinafter referred to as "Annual Aggregate Settlement Amount"), the banking enterprise shall use an online real-time enquiry system and count the amount of settlement toward Aggregate Settlement Amount of the current year to check the declarant's Aggregate Settlement Amount for that year. The banking enterprise, before processing the declaration, shall verify that the above amount does not exceed the Annual Aggregate Settlement Amount, and maintain the enquiry records in the declaration information retained by the banking enterprise.

(Verification of online declaration documents)

Before processing a declarant's declaration of foreign exchange settlement via the Internet prescribed in Article 5 of the Regulations for Declaration, the banking enterprise shall first verify the veracity of foreign exchange settlement documents provided by the declarant and preserve the supporting documents for future reference.

(Prohibition against tampering with online declaration data)

Banking enterprises shall not tamper with the retained online declaration data of any declarant.

(Verification of declarant's identity)

Before processing the declaration of foreign exchange settlement, a banking enterprise shall first verify the relevant certificate/ID number entered by the declarant according to the provisions of Point 9 herein and declarant's identity document. The banking enterprise shall also confirm that the foreign exchange involved in the receipts, disbursements, or transactions actually belongs to or is needed by the declarant before processing the declaration.

When processing the declaration of foreign exchange settlement by a non-resident the banking enterprise may verify the required documents in accordance with its internal operation procedure and applicable provisions of the Civil Code on a case-by-case basis.

(Verification of supporting documents and preventing the practice of breaking up large settlements into smaller ones)

A banking enterprise shall verify that information recorded on the Declaration Statement is consistent with corresponding information on any contracts, letters of approval, or other evidencing documents related to the foreign exchange receipts, disbursements, or transactions before processing a declarant's foreign exchange settlement declaration in accordance with Article 5 of the Regulations for Declaration. Photocopies of the relevant evidencing documents shall be preserved for future reference. The banking enterprise shall be attentive and strive to prevent declarants from breaking up large settlements into smaller ones to evade the regulation in which evidencing documents shall be submitted to confirm transactions.

[Related Circulars]

(Verification of declarations of foreign exchange settlement for direct investment and portfolio investment)

When processing declarations of foreign exchange settlement against the New Taiwan dollar for direct investment, securities investment, or futures transactions approved by the competent authority, banking enterprises shall verify that the settlement is consistent with the declared nature and verify the relevant documents in accordance with the requirements set out in Tables 1 through 8; when processing outward or inward remittances to or from the Mainland Area, banking enterprises shall also verify the documents required under Point 26 and shall note the following:

(1)For investment in a third area (including indirect investment in the Mainland Area through a company in a third area): Except for settlements utilizing the annual amount eligible for direct settlement, where any single settlement amount reaches the amounts set out in Subparagraphs 1 and 2 of Article 5 of the Regulations for Declaration, banking enterprises shall verify the specific outward investment plan or relevant supporting documents; in all other cases, banking enterprises shall verify the documents specified in Table 1. However, for indirect investments in the Mainland Area through a company in a third area, the aggregate outward remittance for any single investment case shall not exceed US$1,000,000; where it exceeds US$1,000,000, banking enterprises shall verify the Ministry of Economic Affairs approval document for investment in the Mainland Area.

(2)For declarations of foreign exchange settlement filed in accordance with Tables 1 through 8, where the settlement is verified to be consistent with its declared nature and the relevant supporting documents have been submitted as required, the settlement amount shall not be included in the aggregate settlement amount of the current year of the declarant specified in the applicable Table; however, where an individual files a declaration of foreign exchange settlement against the New Taiwan dollar for investment in a third area, the settlement amount shall be included in the aggregate settlement amount of the current year of that individual, regardless of whether the investment has been approved by the competent authority.

(Verification of declarations of foreign exchange settlement for medium- and long-term external debts of private enterprises)

When processing declarations of foreign exchange settlement against the New Taiwan dollar for medium- and long-term external debts of private enterprises, banking enterprises shall proceed in accordance with the following provisions:

(1)Where the nature of debt is a loan investment made by foreign nationals or overseas compatriots or the issuance of overseas corporate bonds, banking enterprises shall respectively proceed in accordance with the provisions applicable to the relevant settlement items set out in Table 1 and Table 5. Where the nature of the debt is a loan investment made by persons or enterprises from the Mainland Area for investment in Taiwan, banking enterprises shall proceed in accordance with the provisions applicable to the relevant remittance items set out in Table 10. In all such cases, the settlement amount shall not be included in the declarant's aggregate settlement amount of the current year.

(2)For debts of other nature not falling under the preceding subparagraph, banking enterprises shall comply with the provisions of attached Table 9 concerning documents to be verified when processing the declaration of settlement of disbursements of fund and repayments of principal and interest payments, and count the amount of settlement toward the declarant's aggregate settlement amount of the current year. If the enterprise has used up its Annual Aggregate Settlement Amount, banking enterprises may still process the declaration of settlement of foreign exchange purchased in relation to repayment of principal and interest payment based on the "Statement of Medium- and Long-Term External Debts by Private Enterprises" for the previous quarter presented by the declarant that bears the approval stamp of the Bank's Department of Foreign Exchange (hereinafter referred to as "the Department"), and the amount of settlement for repayment of principal and interest payment needs not be counted toward the declarant's Aggregate Settlement Amount of the current year.

When processing declarations of foreign exchange settlement against the New Taiwan dollar in respect of a private enterprise’s medium- and long-term external debts that have been registered with and reported to the Department, banking enterprises shall annotate the assigned external debt number in the Declaration Statement.

The term "medium- and long-term external debts of private enterprises" hereof refers to foreign currency debts to foreign creditors with maturity over one year of private enterprises that are duly established and registered within the territory of the Republic of China.

(Verification of remittances to and from the Mainland Area)

When processing remittances to and from the Mainland Area, banking enterprises shall verify that such remittances are consistent with their declared nature and verify the relevant documents in accordance with the requirements set out in Table 10; banking enterprises shall also note the following:

(1)Banking enterprises shall not process inward or outward remittances for direct investment or securities investment without the approval of the competent authority, or for any other purpose not permitted by applicable laws or regulations.

(2)Declarations of foreign exchange settlement against the New Taiwan dollar for direct investment in the Mainland Area:

A. Outward remittances of capital contributions or working capital: The settlement amount need not be included in the aggregate settlement amount of the current year of a company, firm, or association, but shall be included in that of an individual.

B. Inward remittances: The settlement amount need not be included in the aggregate settlement amount of the current year of a company, firm, or association; in the case of an individual, the settlement amount shall be included in the aggregate settlement amount of the current year. However, where the inward remittance consists of funds previously remitted outward by the declarant using the annual amount eligible for direct settlement and subsequently remitted inward, such amount need not be included in the declarant's aggregate settlement amount of the current year.

(3)Declarations of foreign exchange settlement against the New Taiwan dollar for securities investment in the Mainland Area:

A. The settlement amount of declarations of foreign exchange settlement against the New Taiwan dollar processed in accordance with the requirements set out in Table 4 or Table 11 need not be included in the aggregate settlement amount of the current year of the entity or the principal.

B. The settlement amount of declarations of foreign exchange settlement against the New Taiwan dollar processed in accordance with the requirements set out in Table 12, and of declarations filed by an entity for its own purchase or sale of securities, shall be included in the aggregate settlement amount of the current year of the entity or the principal.

(Verification of declaration of settlement by private employment services institutions on behalf of foreign migrant workers)

Banking enterprises shall verify the following documents before processing the declaration of foreign exchange settlement against the New Taiwan dollar in relation to salaries of foreign migrant workers in Taiwan (excluding Renminbi, unless otherwise stipulated by the Bank) by a private employment services institution in its own name; Banking enterprises need not enquire the amount of settlement, nor counting it toward the institution's or the principal's aggregate settlement amount of the current year:

(1)The Declaration Statement completed by the private employment services institution, writing down the nature of settlement as "remittances of salaries on behalf of foreign migrant workers in Taiwan";

(2)The valid permit of the private employment services institution issued by the Ministry of Labor;

(3)A power of attorney from foreign migrant workers on foreign exchange settlement related to salaries (see sample in Attachment 5); and

(4)A detailed list of outward remittances of salaries on behalf of foreign migrant workers in Taiwan (i.e. Attachment 6).

(Verification of declaration of settlement by banks on behalf of other enterprises – no need to count toward the aggregate settlement amount of the current year)

Banking enterprises shall verify relevant documents provided in attached Table 11 before processing declarations of foreign exchange settlements against New Taiwan dollars made by enterprises engaging in businesses listed in the same table with the consent or approval of the Bank or the Financial Supervisory Commission ("FSC"); Banking enterprises need not enquire the amount of settlement, nor counting it in the trustee’s or the principal's aggregate settlement amount of the current year, but shall observe the following:

(1)Unless it is otherwise regulated by the Bank, banking enterprises shall not process declarations of foreign exchange settlements involving Renminbi made by trustees on behalf of principals for buying or selling renminbi- denominated investment products.

(2)When the destination of outward remittance or the origin of inward remittance is Mainland Area, banking enterprises shall verify documents specified in Point 26 herein.

(Verification of declarations of foreign exchange settlement filed by financial institutions on behalf of principals - amounts to be included in the aggregate settlement amount of the current year)

When processing declarations of foreign exchange settlement against the New Taiwan dollar filed by an entity approved or authorized by the Bank or the FSC to conduct the businesses listed in Table 12, banking enterprises shall verify the accuracy of the relevant documents specified in that Table before processing such declarations; the settlement amount shall be checked and included in the aggregate settlement amount of the current year of the entity or the principal. However, where inward remitted funds are funds previously remitted outward by the entity or the principal using the annual amount eligible for direct settlement and subsequently remitted inward again, banking enterprises may directly process the sale of such funds against the New Taiwan dollar upon submission of a statement, and such amount need not be included in the aggregate settlement amount of the current year of the entity or the principal. Banking enterprises shall also note the following:

(1)Unless otherwise provided by the Bank, banking enterprises shall not process declarations of foreign exchange settlement involving Renminbi filed by entities on behalf of principals for Renminbi-denominated wealth management products.

(2)Where an outward or inward remittance is to or from the Mainland Area, banking enterprises shall verify the documents required under Point 26.

(Correction of Declaration Content)

To correct the content of a Declaration Statement, a declarant shall submit an application along with the following documents to the Bank through the original handling banking enterprise:

(1)Correction of declaration of foreign exchange settlements against the New Taiwan dollars:

A. A declarant unintentionally making an untruthful declaration: Submit an opinion letter issued by a lawyer, an accountant or a banking enterprise indicating that the untruthful declaration was unintentional, the relevant supporting documents, the original Declaration Statement and the Foreign Exchange Purchase (Sale) Memo (those who declared via the Internet shall submit the Declaration Statement and the Foreign Exchange Purchase (Sale) Memo printed by the banking enterprise), and the corrected Declaration Statement and the Foreign Exchange Purchase (Sale) Memo. The content of the opinion letter shall include the declarant's name, the settlement date and amount, the content of the original declaration, the correct content of the declaration, and the reason for making the correction.

B. A declarant intentionally making an untruthful declaration, and having already been penalized pursuant to Paragraph 1, Article 20 of Foreign Exchange Control Act: Submit the receipt of the fine paid, the corrected Declaration Statement, the Foreign Exchange Purchase (Sale) Memo and the relevant supporting documents.

(2)Correction of the certificate of foreign exchange settlements for export/import or other transaction certificates: Submit the original certificates drawn by the banking enterprise (those who declared via the Internet shall submit the certificates printed by the banking enterprise), the corrected certificates, and documents supporting the correction.

(3)Correction of Foreign Exchange Purchase (Sale) Memo with the amount less than 500,000 New Taiwan dollars: Submit the original Foreign Exchange Purchase (Sale) Memo drawn by the banking enterprise (those who declared via the Internet shall submit the memo printed by the banking enterprise), the corrected Foreign Exchange Purchase (Sale) Memo, and documents supporting the correction.

The banking enterprise shall make photocopies of relevant documents and information supporting the correction of the content of the Declaration Statement mentioned in the preceding paragraph and keep the photocopies along with the original declaration information for future reference.

(Deleted)