Regulatory Alerts2022-12-26
Added · Updated
Directions for Banking Enterprises While Assisting Customers in Declaring Foreign Exchange Receipts and Disbursements or Transactions
Banking enterprises must assist customers in making truthful foreign exchange declarations against the New Taiwan dollar, including verifying online aggregate settlement amounts and preventing the use of third-party names or the splitting of large settlements to evade limits. Single transactions are capped at USD 100,000, and settlements under NT$500,000 are exempt from declaration requirements and aggregate counting, provided they are not structured to avoid regulations. Specific exemptions from aggregate limits apply to diplomatic missions, certain charitable remittances, foreign employee share transactions under NT$500,000, and approved loans or dividends involving Mainland China or third areas. Enterprises are required to verify identity documents, registration numbers, and supporting contracts, while maintaining electronic records and ensuring accurate documentation of settlement natures and amounts.
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