Regulatory Alerts2017-03-27
Added · Updated
Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
The document mandates that banking enterprises assist customers in making truthful foreign exchange declarations against the New Taiwan dollar, including online verification of aggregate settlement amounts and prevention of third-party name usage. It establishes specific transaction limits, such as a US$100,000 cap for single settlements under certain provisions and an NT$500,000 threshold below which no declaration statement is required. The rules detail verification procedures for various entities, including diplomatic missions, charitable trusts, and firms investing in Mainland China, while specifying exact identification data requirements for different declarant categories. Additionally, it regulates online declaration processes, prohibiting alterations to electronic declaration data and requiring the retention of enquiry records and supporting documentation.
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