Regulatory Alerts2019-01-29
Added · Updated
Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
Amended on January 29, 2019, these directions require banking enterprises to assist customers in making truthful foreign exchange declarations against the New Taiwan dollar and to verify aggregate settlement amounts online. The rules establish specific thresholds, including a US$100,000 limit for single transactions and an NT$500,000 exemption for smaller settlements, while prohibiting the breaking up of large settlements to evade declaration requirements. Banking enterprises must verify declarant identities, registration numbers, and supporting documents, and are mandated to maintain electronic records without alteration. The regulations also detail specific procedures for diplomatic missions, charitable organizations, listed companies, and investments involving Mainland China or third areas.
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