Regulatory Alerts2005-12-06
Added · Updated
Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
Banking enterprises must assist customers in making truthful foreign exchange declarations against the New Taiwan dollar and prevent the use of third-party names for declarations. Transactions under NT$500,000 are exempt from declaration statements and aggregate limits, while single transactions exceeding US$100,000 require specific handling to avoid evasion of approval requirements. The rules specify that settlements for approved medium- and long-term loans, dividends from overseas subsidiaries, and remittances by listed companies for foreign employees are excluded from annual aggregate settlement amounts. Banking enterprises are required to verify specific identification documents, record ID numbers accurately, and ensure declaration statements are completed correctly without altering stated amounts.
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