Regulatory Alerts2024-07-04
Added · Updated
Directions for Banking Enterprises While Assisting Customers in Declaring Foreign Exchange Receipts and Disbursements or Transactions
Amended on July 4, 2024, these directions require banking enterprises to assist customers in making truthful foreign exchange declarations against the New Taiwan dollar and to prevent the use of third-party names for such declarations. The rules establish specific aggregate settlement limits, including a maximum of US$100,000 for single transactions and an exemption from declaration for amounts under NT$500,000, while mandating online real-time enquiry systems to track annual aggregate settlement amounts. Banking enterprises must verify supporting documents for various transaction types, such as loans from subsidiaries and dividends from overseas entities, and ensure accurate entry of declarant identification details on Declaration Statements.
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