Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions

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Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions

Inactive Regulations

Announced Date： November 18, 1998

Amended Date： December 06, 2005

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(Compliance with Regulations for Declaration)

1.

1. Banking enterprises shall assist customers to make truthful declarations pursuant to the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as “the Regulations for Declaration”) when customers settle foreign exchange against the New Taiwan dollar.

(Enquiry about accumulated settlement amount of the current year)

2.

2. Banking enterprises that engage in foreign exchange settlement against the New Taiwan dollar business in accordance with Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration shall enquire online about accumulated settlement amount of the current year, and:

(1) Banking enterprises shall prevent the declarant from using third party names to make declaration.

(2) The settlement amount limit of a person who holds an Alien Resident Certificate with less than one year validity shall be handled on the same basis as that of a non-resident, and the banking enterprise is not required to enquire online about the accumulated settlement amount of the current year.

(3) An individual who holds a certificate of Overseas Chinese (issued by the Overseas Chinese Affairs Commission) and a document certifying the purchase of real estate in the territory of the R.O.C. shall be entitled to the annual aggregate settlement amount of a resident (hereinafter referred to as “Annual Aggregate Settlement Amount”) as provided in Subparagraph3, paragraph 1, Article 4 of the Regulations for Declaration. But the nature of the foreign exchange settlement shall be related to the purchase of real estate.

(4) A declarant may settle the inward remittance which has originally been remitted out of the R.O.C. and counted toward the declarant's Annual Aggregate Settlement Amount ; then the Aggregate Settlement Amount restrictions stipulated by Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration are not applicable, and it is not required to enquire the accumulated settlement amount of the current year. In addition, the banking enterprise shall write down the amount and the date of foreign exchange sale of inward remittances on the declarant's original Foreign Exchange Sale Memo, affix the signature/seal, and retain a photocopy for future reference.

(5) The enquired accumulated settlement amount of the current year shall be printed out on the banking enterprise's receipt slip of the Declaration statement of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as “Declaration Statement”) to facilitate on-site examination by the Central Bank of the Republic of China (Taiwan) (hereinafter referred to as “the Bank”) and other financial auditing authorities.

(Observance of aggregate settlement amount)

3.

3. Banking enterprises that engage in foreign exchange settlements against the New Taiwan dollar in accordance with Subparagraph 4, paragraph 1, Article 4, of the Regulations for Declaration shall be aware that the settlement amount for a single transaction is limited to a maximum of United States dollars 100,000. Such Banking enterprises shall strive to prevent declarants from breaking up large settlements into smaller ones to avoid the provision of Article 6 of the Regulations for Declaration which requires that large foreign exchange settlement amounts may only be completed after obtaining the Bank's approval. Banking enterprises that engage in foreign exchange settlements against the New Taiwan dollar in accordance with paragraph 3, Article 5 of the Regulations for Declaration shall be aware that the cumulative settlement amount shall not exceed the limit approved by the competent authorities.

When processing remittance for international humanitarian assistance made by a domestic public-service charity, a banking enterprise should count the remittance amount toward the charity’s annual aggregate settlement amount. If the charity has used up its aggregate settlement amount, the banking enterprise may still process the settlement after verifying the approval letter issued by the competent authority for the charity’s international humanitarian assistance plan and affirming that the settlement amount is in compliance with the amount approved by this competent authority.

(Settlements related to declaration of medium- and long-term external debts by private enterprises)

4.

4. As for a private enterprise with prior approval from the Department of Foreign Exchange of the Bank (hereinafter referred as “the Department”) to convert the funds borrowed from foreign financial institutions into New Taiwan dollars for medium- and long-term investments in Taiwan, the banking enterprise may process the exchange settlements for principal and repayments of principal and interest of the loan for the said enterprise using “the Schedule of Withdrawal and Repayment of Medium- and Long-Term Loans from Overseas Financial Institutions by Private Enterprises” that bears the seal of the Department. The amount of foreign exchange thus settled will not be counted toward the accumulated settlement amount of the current year for the said enterprise.

Except for the approved cases described in the preceding paragraph, the amount of foreign exchange sold or purchased by a private enterprise in relation to funds borrowed overseas for which the enterprise has filled out the “Statement of Medium- and Long-Term External Debts by Private Enterprises”, and subsequent repayments of principal and interest shall be counted toward the accumulated settlement amount of the current year of the said enterprise. In addition, for exchange settlements relating to repayments of principal and interest, the banking enterprise may still process the settlements without requiring the enterprise to obtain the approval from the Department even if the said enterprise has used up its Annual Aggregate Settlement Amount.

(Other settlement cases related to aggregate amounts)

5.

5. For citizens of the Mainland China who hold Taiwan Entry and Exit Permits or Taiwan Resident Certificates and intend to sell foreign exchange against the New Taiwan dollar, the banking enterprise may handle the transaction provided that the amount of the settlement is not more than US$100,000 or equivalent. When the origin of remittance or the destination of remittance is the Mainland China, the banking enterprise shall observe the Regulations Governing Approval of Financial Business Between the Taiwan Area and the Mainland China Area. When handling such cases, the banking enterprise shall record the Identification Card number of the declarant's Taiwan Entry and Exit Permit or Taiwan Resident Certificate. If the declarant does not have an Identification Card number, the banking enterprise shall record the Permit number and specify the country of origin as "Mainland China" and annotate "citizens of the Mainland China " on the Foreign Exchange Purchase (Sale) Memo.

For diplomats of diplomatic missions holding Identification Cards issued by the Ministry of Foreign Affairs, overseas Chinese holding ROC passports issued by the Ministry of Foreign Affairs, the R.O.C. or residents of Hong Kong or Macao holding Taiwan Entry and Exit Permits, the settlement limit shall be the same as that for non-residents.

For banking enterprises processing foreign exchange settlements against New Taiwan dollar made by foreign diplomatic institutes in the R.O.C., there is no limitation on the aggregate settlement amount, regardless the nature of the settlement.

The settlement amount for accounting firms, law firms, or medical clinics shall be the same as the amount allowed for associations.

For the settlements of inward (or outward) remittances made by a listed company on behalf of foreign employees to be used for the purchase (or sale) of shares of the said company, if each settlement amount made by each foreign employee does not exceed US$100,000, banking enterprises may process the settlements after verifying the application form and detailed list for the purchase (or sale) made by the foreign employees (the contents thereof shall include name of the employee, nationality, numbers of shares acquired (sold) and the settlement amount thereof) and filed by the listed company. However, if a single settlement made by a foreign employee exceeds US$100,000, the listed company shall apply for the Department’s approval through a banking enterprise before a banking enterprise can process the application.

For the settlements of outward (or inward) remittance made by a Taiwan branch (or subsidiary) of a foreign company on behalf of domestic employees to be used for the purchase (or sale) of shares of the foreign parent company, if each settlement amount made by the domestic employee is less than NT$500,000 or the equivalent thereof, banking enterprises may process the settlements after verifying the application form and the detailed list of settlements (contents thereof shall include the name, Idenification Card number and settlement amount of the employee) which are filed by the Taiwan branch (or subsidiary). This domestic employee doesn’t need to complete a Declaration Statement , and the above-mentioned settlement amount would not be counted toward the annual aggregate settlement amount of the employee. However, if a single settlement amount made by the domestic employee exceeds NT$500,000 or the equivalent thereof, the Taiwan branch (or subsidiary) shall annotate the date of birth of the employee in the detailed list of settlements filed with the banking enterprise and this amount shall be counted toward the annual aggregate settlement amount of the said employee.

(Foreign exchange settlement of less than NT$500,000)

6.

6. When engaging in a single foreign exchange transaction against the New Taiwan dollar for an amount less than NT$500,000 or the equivalent thereof, the transactor does not have to complete a Declaration Statement and the settlement amount will not be counted toward the accumulated settlement amount of the current year. Banking enterprises shall, however, be aware of and strive to prevent the transactor from breaking up a large settlement into smaller ones to evade enquiries about the accumulated settlement amount of the current year.

When a natural person less than 20 years of age residing in the territory of the R.O.C. engages in a single foreign exchange transaction against the New Taiwan dollar for an amount less than NT$500,000 or the equivalent thereof, the banking enterprise may process the settlement after verifying the person's identification document.

(Settlements of loans from and repayments to overseas subsidiaries)

7.

7. When processing the settlements of remittances related to loans and subsequent repayments of principal and interest by a firm that borrows from its overseas (including Third Area and Mainland China) subsidiary in which the foreign investment of the firm has been approved by (or reported to) the Investment Commission of the Ministry of Economic Affairs , banking enterprises shall, depending upon the circumstances, beware of the following matters:

(1) For the settlements of funds borrowed abroad and remitted into Taiwan: Banking enterprises shall verify the letter from the Investment Commission of the Ministry of Economic Affairs approving the firm to invest in Third Area or Mainland China and documents evidencing the loan from its overseas subsidiary. Banking enterprises may process the settlement after verifying that the " Declaration Statement for Loans Received by Taiwan Firms from Third Area Subsidiaries" or the "Declaration Statement for Loans Received by Taiwan Firms from Mainland China Subsidiaries" (in triplicate, see Attachments 1, 2) are correct. The amount of inward remittances of principal of loans shall not be counted toward the firm's accumulated settlement amount of the current year.

(2) For the settlement of the repayment of principal and interest to be remitted to Third Area or Mainland China: A firm may present the third slip of the aforementioned original "Declaration Statement for Loans" issued by a banking enterprise when purchasing foreign exchange for the repayment of principal and interest. Foreign exchange purchased for the repayment of principal and interest shall not be counted toward the firm's accumulated settlement amount of the current year.

(Settlements related to the inward remittances of dividends and profits from overseas subsidiaries and subsequent outward remittances)

8.

8. When processing the settlements of inward remittances of dividends and profits and subsequent outward remittances made by firms described in Article 7, banking enterprises shall, depending upon the circumstances, beware of the following matters:

(1) Settlements of inward remittances of dividends and profits from overseas: Banking enterprises shall verify the letter from the Investment Commission of the Ministry of Economic Affairs approving the firm to invest in Third Area or Mainland China and all relevant documents regarding dividend distribution and the profits of such subsidiaries located in Third Area or Mainland China provided by such firms. Banking enterprises may process the settlements after verifying that the “Declaration Statement for Inward Remittance of Dividends and the Profits from Overseas Subsidiaries" or the "Declaration Statement for Inward Remittance of Dividends and Profits from Mainland China Subsidiaries" (in triplicate, see Attachments 3,4) is correct. Such settlement amount for dividends and profits from oversea subsidiaries will not be counted toward the firm’s accumulated settlement amount of the current year.

(2) Subsequent settlement of outward remittances from Taiwan: A firm may apply to engage in such outward remittance based on the above-mentioned "Declaration Statement for Inward Remittance of Dividends and Profits" issued by banking enterprises. There is no restriction on the nature and designated area of such remittance; however, for outward remittances to the Mainland China area for direct investment, the firm shall provide a letter of approval or the certificate for investment in Mainland China issued by the Investment Commission of the Ministry of Economic Affairs. If the firm possesses the dividends and profits remitted inward in a foreign currency, the subsequent outward remittances shall be made in the foreign currency. If the inward remittances of dividends and profits were settled in New Taiwan dollars, then the firm may make outward remittances either by using its own foreign exchange deposit or purchasing foreign exchange. Such settlement of outward remittances will not be counted toward the firm’s accumulated settlement amount of the current year.

(Reporting of the ID number)

9.

9. Banking enterprises shall assist the declarant to truthfully fill out the "declarant's ID number" on the Declaration Statement in accordance with the following provisions:

(1) For a company, a firm or an association established in the R.O.C. pursuant to the laws of the R.O.C. or recognized by and registered with the Government of the R.O.C.:

A、 A company or a firm: Write down Uniform No. provided by the competent authorities.

B、 An association: Indicate the Uniform No. on an establishment certificate issued by the competent authorities. If the establishment certificate issued by the competent authorities does not bear a Uniform No., the association shall indicate the name of the competent authorities approving its registration and registration certificate number. To facilitate the tamplitation of settlement statistics, the association shall also indicate the withholding tax uniform number assigned by the tax authorities.

(2) For an individual over 20 years of age who holds a citizen's ID Card, a Taiwan Resident Certificate, or an Alien Resident Certificate with validity of at least one year:

A、 An individual with a citizen's ID Card: Write down the citizen's ID No.

B、 Holders of Taiwan Resident Certificates issued by the Entry and Exit Service Bureau of the National Police Administration of the Ministry of the Interior (excluding people of the Mainland China): Indicate the identification number and date of birth as specified on the Taiwan Resident Certificate in the column of "ROC Citizen" on the Declaration Statement. The declarant shall write down the identification number, for example, AA12345678, then the number (10 digits) shall be input into the computer.

C、 Holders of Alien Resident Certificates issued by city/county police bureau: Indicate the uniform identification number, the date of issuance, date of expiry, and date of birth as specified on the Alien Resident Certificate in the column of "Foreign Individual" on the Declaration Statement. The declarant shall indicate his or her uniform identification number, for example, AC12345678, then the number (10 digits) shall be input into the computer.

D、 Holders of Certificates of Overseas Chinese and documents certifying the purchase of real estate in the territory of the R.O.C. issued by the Overseas Chinese Affairs Commission: Indicate the Certificate of Overseas Chinese number in the column of ROC citizen on the Declaration Statement and affix the certificate number in the document certifying the purchase of real estate for the verification of future foreign exchange settlements. Indicate the document number, for example, (91) Tai-Chiao-Cheng-Tzu No. 0911234567, then the number (10 digits) shall be input into the computer.

(3) For People of the Mainland China, residents of Hong Kong and Macao, or non- resident natural persons that do not hold Taiwan Resident Certificates or Alien Resident Certificates, or if the validity of certificates are less than one year:

A、 For people of the Mainland China holding a Taiwan Entry and Exit Permits or Taiwan Resident Certificates, and residents of Hong Kong or Macao holding Taiwan Entry and Exit Permits: Indicate the person's uniform identification number in the ”Passport Number” item under "Without Alien Resident Certificate" subparagraph of the "Foreign Individual" column on the Declaration Statement. If the declarant does not have a uniform identification number, indicate the permit number.

B、 Foreign passport holders: Indicate nationality and passport number in the "Without Alien Resident Certificate" subparagraph of the "Foreign Individual" column on the Declaration Statement.

C、 Persons holding ROC passports issued by the Ministry of Foreign Affairs but do not have citizens' ID Cards: Indicate the passport number in the "Without Alien Resident Certificate" subparagraph of the "Foreign Individual" column on the Declaration Statement; indicate the country where passport was issued in the "Nationality" item and annotate the passport issuing authorities.

(4) For non-resident legal entities not lawfully established within the territory of the R.O.C. or not recognized by the ROC government:

A、 Non-resident legal entities: Shall authorize its representative or agent in the R.O.C. to act as the declarant. In its Declaration Statement, the said representative or agent shall write down his/her ID No. or certificate number and clearly state particulars concerning the representation/agency relationship.

B、 Foreign financial institutions: Shall authorize a local financial institution to act as the declarant. In its Declaration Statement, the said local financial institution shall write down the idenfication number on the establishment permit issued by the competent authorities and clearly state the particulars concerning the representation/agency relationship. However, a foreign financial institution outside the territory of the R.O.C. may not sell foreign exchange through inward remittances.

(Completion of the Declaration Statement by banking enterprises)

10.

10. Since the information put down in a Declaration Statement concerns the rights and interests of a declarant, the banking enterprise shall not fill out a Declaration Statement for a declarant, unless the declarant is illiterate. In the event that the banking enterprise fills out a Declaration Statement for a declarant, the declarant shall affix her/his seal or signature on the Declaration Statement to take the responsibility.

(Assistance with obvious errors on the Declaration Statement)

11.

11. Banking enterprises shall assist declarants to fill out the Declaration Statement carefully and truthfully. In the event that the nature of the settlement and the amount to be settled are inconsistent with the status or occupation of the declarant or contrary to the judgment of common sense, the Banking enterprise shall assist the declarant to declare truthfully before processing the settlement.

(Declarant's seal)

12.

12. In case a declarant uses a seal for a specific purpose on his Declaration Statement, the purpose of the seal shall be one for making settlements or relevant to the settlements.

(Correction of the completed Declaration Statement)

13.

13. The amount stated in a Declaration Statement may not be corrected. If any other fact stated in the Declaration Statement is corrected, the declarant shall affix his/her seal or signature next to the correction.

(Verifying the completeness of the Declaration Statement)

14.

14. Banking enterprises shall check whether a Declaration Statement is filled out completely. Sections such as the nature of settlement, the origin (destination) of the remittance, the Resident Certificate No. or Identification number, address, and telephone number, etc., shall be filled out. The nature of settlement shall be provided accurately, and it may not be replaced by a code.

(Declaration of foreign exchange sale via domestic/overseas remittances)

15.

15. For foreign exchange settlements where a customer first deposits inward remittances from abroad or the OBU of a domestic bank into his/her foreign currency deposit account and then withdraws the money, or remits the aforesaid money in through another domestic bank or through the OBU of a domestic bank, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1) The nature of foreign exchange receipts or transactions shall be the same as that of inward remittances from abroad or through the OBU of a domestic bank.

As for the “origin of remittances”, put down “domestic” in the case of withdrawal from foreign exchange deposit accounts or inward remittances from another domestic bank; put down “OBU of domestic bank” in the case of selling foreign exchange from inward remittances through the OBU of a domestic bank.

(Declaration of foreign exchange purchased and subsequently remitted domestically or abroad)

16.

16. If a customer buys foreign exchange and deposits it into his foreign currency deposit account or remits it to another domestic bank, and then remits the money again abroad or to the OBU of a domestic bank, or the customer buys foreign exchange and remits it to the OBU of a domestic bank directly, the banking enterprise shall take note of the following when assisting the customer in filing the declaration:

(1) The nature of the foreign exchange disbursement or transaction shall be the same as that of the outward remittance abroad or to the OBU of a domestic bank.

(2) As for the “ destination of remittances”, put down “domestic” in the case of money deposited in a foreign currency deposit account temporarily or remitted to another domestic bank; put down “OBU of domestic bank” in the case of money remitted to the OBU of a domestic bank.

(Terms and Conditions for declarations made through Internet)

17.

17. When a banking enterprise accepts a declarant's application in person at the banking enterprise for making declarations of foreign exchange settlements via the Internet, the related terms and conditions between the banking enterprise and the declarant shall include matters prescribed in Articles 10 and 11 of the Regulations for Declaration.

(Design of online control programs)

18.

18. Banking enterprises shall design online control programs according to declaration procedures which are applicable for making declarations in person at the Banking enterprise, provide online declaration instructions on the website, and assist declarants in making declarations through the Internet.

(Enquiry about accumulated settlement amount of the current year through Internet)

19.

19. When a declarant completes a foreign exchange settlement declaration through the Internet pursuant to Subparagraph 3, paragraph 1, Article 4 of the Regulations for Declaration, the banking enterprise shall use an online real- time enquiry system of accumulated settlement amount of the current year to check the declarant's aggregate settlement amount for that current year. The banking enterprise, before processing the declaration, shall verify that the above amount does not exceed Annual Aggregate Settlement Amount, and maintain the enquiry records on the declaration medium retained by the banking enterprise.

(Verification of facsimile documents provided by Internet declarants)

20.

20. Before processing a declarant’s declaration of foreign exchange settlement via the Internet prescribed in Article 5 of the Regulations for Declaration, the banking enterprise shall verify the foreign exchange settlement documents faxed by the declarant. To facilitate future examination, the banking enterprise shall write down the amount and date of foreign exchange settlements, the Foreign Exchange Memo number and affix its signature or seal on the relevant documents.

(Prohibition of alteration of online declaration information)

21.

21. Banking enterprises may not alterfy any of the declarant's declaration data it preserves in electronic format.

(Verification of identification documents and settlement details)

22.

22. A banking enterprise shall first verify that a declarant's registration certificate number indicated by a declarant according to the provisions of Direction 8 of these Directions is the same as the corresponding number on the declarant's identification document or primary registration data before processing the declaration of foreign exchange settlement. The banking enterprise shall also verify the particulars of mandate or delegate matters, and confirm that the foreign exchange involved in the receipts, disbursements, or transactions actually belongs to or is needed by the declarant before processing the declaration. If the declarant is a company, the banking enterprise shall verify a photocopy of the company's incorporation registration list or of the latest registration list of the company, and shall enquire the company's primary registration data through the Internet.

(Verification of evidencing documents and prevention of breaking up large settlements into smaller ones)

23.

23. A banking enterprise shall verify that information recorded on the Declaration Statement is consistent with corresponding information on any contracts, letters of approval, or other evidencing documents related to the foreign exchange receipts, disbursements, or transactions before processing a declarant's foreign exchange settlement declaration in accordance with Article 5 of the Regulations for Declaration. Photocopies of the relevant evidencing documents shall be preserved for future reference. The banking enterprise shall be attentive and strive to prevent declarants from breaking up large settlements into smaller ones to evade the regulation in which evidencing documents shall be submitted to confirm transactions.

(Verification settlements related to direct investments and portfolio investments)

24.

24. Banking enterprises that engage in foreign exchange settlements needed for direct investments and portfolio investments approved by the competent authorities, shall comply with the provisions of attached Tables 1 through 8 concerning documents to be verified, and shall take note of the following:

(1) Investments by foreigners or overseas Chinese: Except that the investment application requirement is waived pursuant to the “Statute for Investment by Overseas Chinese” and the “Statute for Investment by Foreign Nationals”, the relevant approval documents issued by the competent authorities shall be verified.

(2) Investments in third areas:

A. Making use of Annual Aggregate Settlement Amount: If the amount of any single foreign exchange settlement exceeds the amounts specified in Subparagraphs 1 and 2, Article 5 of the Regulations for Declaration, the banking enterprise shall verify the concrete foreign investment plan or relevant evidencing documents.

B. Not counted toward the accumulated settlement amount of the current year:

(A) Outward remittances for investments: Verify approval documents of foreign investments issued by the competent authorities.

(B) Inward remittances of foreign exchange from transference, partial or complete withdrawal of foreign investments: Verify the approval documents of transference, partial or complete withdrawal of foreign investments issued by the competent authorities, or original Foreign Exchange Sale Memo.

(3) Investments in Mainland China Area:

A. Outward remittances for investments: Verify approval documents or Certificate of Reporting Investment in Mainland China Area issued by the Ministry of Economic Affairs regardless of the amount of remittance; carefully inspect the relevant documents attached as stated in the approval document.

B. Inward remittances of foreign exchange from transference, partial or complete withdrawal of investments:

(A) Making use of Annual Aggregate Settlement Amount: If the amount of any single foreign exchange settlement exceeds the amounts specified in Subparagraphs 1 and 2, Article 5 of the Regulations for Declaration, the banking enterprise shall verify the relevant evidencing documents.

(B) Not counted toward the accumulated settlement amount of the current year: Verify approval documents issued by the Ministry of Economic Affairs or original Foreign Exchange Sale Memo.

(Verification of foreign exchange settlements related to medium- and long-term external debts of private enterprises)

25.

25. Banking enterprises that engage in foreign exchange settlements against the New Taiwan dollar related to medium- and long-term external debts of private enterprises, shall comply with the provisions of attached Table 9 concerning documents to be verified.

(Verification of outward remittances to Mainland China Area)

26.

26. Banking enterprises engaging in outward remittances to Mainland China Area shall comply with the provisions of attached Table 10 concerning documents to be verified.

(Verification of mandated settlement)

27.

27. Banking enterprises shall verify that the following documents are correct before processing the foreign exchange settlement declarations made by a company or a firm in its own name on behalf of another party with the prior approval of the Bank:

(1) Foreign exchange settlements related to salaries made by employment service enterprises on behalf of foreign workers:

A. The Declaration Statement completed by an employment service enterprise; original copy of the document approving an employment service enterprise to make foreign exchange settlement declarations on behalf of foreign workers issued by the Bank; the private employment service enterprise permit issued by the Council of Labor Affairs of the Executive Yuan ( waived if the letter of approval issued by the Bank contains the due date for a mandated settlement) and detailed list of mandated settlement of outward remittances of foreign workers' salaries in Taiwan or detailed list of settlement of outward remittances by domestic employers of foreign workers' salaries in Taiwan (as Attachment 5).

B. The settlement amount on the detailed list of settlement and the actual settlement amount shall be the same. Banking enterprises shall also verify whether the settlement amount mandated by the mandator on the detailed list of settlements is reasonable. If any abnormality is found, the Banking enterprise shall request the declarant to provide all documents and relevant information, and only process such settlement after verifying the settlement is consistent with what has been reported.

(2) Foreign exchange settlements made by an enterprise engaging in the business of discretionary investment in foreign securities (including securities investment consulting enterprises ("SICEs"), securities investment trust enterprises ("SITEs") and trust enterprises) on behalf of a principal to invest in foreign securities:

A. The Declaration Statement completed by the above-mentioned enterprise, power of attorney for settlement written by the principals, and a detailed list of settlement of the principals (waived if a single settlement amount made by an individual principal is less than NT$500,000 or the equivalent thereof).

B. When the contract entered into between the above-mentioned enterprise and the principal explicitly states that the enterprise is mandated to make foreign exchange settlements, the power of attorney for settlement written by the principal may be replaced by a statement which indicates that the enterprise has been mandated to make foreign exchange settlements.

C. Enquiring and counting toward the settlement amount the principal's accumulated settlement amount of the current year.

(3) Foreign exchange settlements made by a life insurance company on behalf of a policy-holder to invest in foreign securities:

A. The Declaration Statement completed by a life insurance company, power of attorney for settlement written by the policyholder, and a detailed list of settlements made by policy-holders (waived if a single settlement amount made by an individual principal is less than NT$500,000 or the equivalent thereof).

B. When the contract entered into between the life insurance company and the policy-holder explicitly states that the life insurance company is mandated to make foreign exchange settlements, the power of attorney for settlement written by the policy-holder may be replaced by a statement which indicates that the life insurance company has been mandated to make foreign exchange settlements.

C. Enquiring and counting toward the settlement amount the policy-holder's accumulated settlement amount of the current year.

(4) Foreign exchange settlements made by credit card companies or card-issuing banks on behalf of cardholders for cash advances and consumption expenditure abroad using credit cards, debit cards, or ATM cards: the Declaration Statement filled out by credit card companies or card-issuing banks, and documents issued by the Bank approving such companies or banks to make foreign exchange settlement declaration on behalf of cardholders.

(5) Other foreign exchange settlements approved by the Bank: The documents required in the circular letters of the Bank.

( Verification of settlements made by enterprises engaging in foreign exchange related business)

28.

28. Banking enterprises engaging in foreign exchange related business involving the New Taiwan dollar approved by the Bank, shall process related settlements after verifying the following matters:

(1) For foreign exchange settlements made by securities companies engaging in consigned trading of foreign securities:

A. The Declaration Statement completed by the securities company and the a letter of approval issued by the Bank.

B. Banking enterprises are not required to enquire after the settlement amount and the settlement amount will not be counted toward the securities company’s or principal’s accumulated settlement amount of the current year.

(2) For foreign exchange settlements made by futures companies on behalf of a principal to conduct overseas futures transactions:

A. The Declaration Statement completed by such futures companies and a letter of approval issued by the Financial Supervisory Commission, Executive Yuan for engaging in futures brokerage business.

B. Banking enterprises are not required to enquire after the settlement amount and such settlement amount will not be counted toward the futures company’s or principal’s accumulated settlement amount of the current year.

(3) For foreign exchange settlements made by securities companies engaging in the derivatives transactions business:

A. The Declaration Statement completed by such securities companies and the letter of approval issued by the Bank.

B. Banking enterprises are not required to enquire after the settlement amount and the settlement amount will not be counted toward the securities company’s or principal’s accumulated settlement amount of the current year.

(4) For foreign exchange settlements made by a master agent of an offshore fund entity or Taiwan Securities Central Depository Corporation engaging in transactions related to remittance of payment for offshore funds:

A. The Declaration Statement completed by such master agent or Taiwan Securities Central Depository Corporation, a letter of approval issued by the competent securities authority or a copy of the letter (not required for Taiwan Securities Central Depository Corporation ), and the letter of approval issued by the Bank.

B. Banking enterprises are not required to enquire after the settlement amount and the settlement amount will not be counted toward the master agent’s, Taiwan Securities Central Depository corporation’s or principal’s accumulated settlement amount of the current year.

(5) Other foreign exchange settlements approved by the Bank: The documents required in the circular letters of the Bank.

(Correction of contents of the Declaration Statement)

29.

29. To correct the content of the Declaration Statement, a declarant shall submit the application along with the following documents to the Bank through the original handling banking enterprise:

(1) Correction of declaration of foreign exchange settlements against the New Taiwan dollar:

A. A declarant unintentionally making an untruthful declaration: Submit an opinion letter issued by a lawyer, an accountant or a banking enterprise indicating that the untruthful declaration was unintentional, the relevant evidencing documents, the original Declaration Statement and the Foreign Exchange Purchase (Sale) Memo (those who declared via the Internet shall submit the Declaration Statement and the Foreign Exchange Purchase (Sale) Memo printed by the banking enterprise), and the corrected Declaration Statement and the Foreign Exchange Purchase (Sale) Memo. The content of the opinion letter shall include the declarant's name, the settlement date and amount, the content of the original declaration, the correct content of the declaration, and the reason for making the correction.

B. A declarant intentionally making an untruthful declaration, and having already been penalized pursuant to Paragraph 1, Article 20 of Foreign Exchange Control Act: Submit the receipt of the fine paid, the corrected Declaration Statement, the Foreign Exchange Purchase (Sale) Memo and the relevant evidencing documents.

(2) Correction of the certificate of foreign exchange settlements for export/import or other transaction certificates: Submit the original certificates drawn by the banking enterprise (those who declared via the Internet shall submit the certificates printed by the banking enterprise), the corrected certificates, and documents supporting the correction within seven business days after the said certificate was drawn by the banking enterprise.

(3) Correction of Foreign Exchange Purchase (Sale) Memo with amount less than 500,000 New Taiwan dollars: Submit the original Foreign Exchange Purchase (Sale) Memo drawn by the banking enterprise (those who declared via the Internet shall submit the memo printed by the banking enterprise), the corrected Foreign Exchange Purchase (Sale) Memo, and documents supporting the correction, within seven business days after the said Foreign Exchange Purchase (Sale) Memo was drawn by the banking enterprise.

(Delivery of documents for declaration made in person at banking enterprises)

30.

30. When accepting a declarant's declaration of foreign exchange settlement in person at the banking enterprise, the banking enterprise shall verify the relevant documents in accordance with the attached tables of the Directions or the related regulations stipulated by the Bank. At the same time, the banking enterprise shall not only request the declarant to present the relevant documents for verification, but also indicate the date and amount of the settlement on the relevant documents, and affix the banking enterprise's signature/seal before making duplicate photocopies. One set of the photocopies shall be kept by the banking enterprise for future reference; the other shall be sent to the Department accompanied with the Declaration Statement, the Foreign Exchange Purchase (Sale) Memo (or data via media transmission) and the daily transaction report. The relevant documents do not need to be sent to the Department if the foreign exchange settlement declaration has been made in accordance with the provisions of Paragraphs 1 and 2, Article 5 of the Regulations for Declaration.

(Delivery of documents for declaration via Internet)

31.

31. When accepting a declarant’s declaration of foreign exchange settlement via Internet in which the relevant documents shall be verified according to the attached tables of these Directions or the related regulations stipulated by the Bank, the banking enterprise shall not only request the declarant to fax the relevant documents for verification, but also indicate the date and amount of the settlement and Foreign Exchange Memo number on the facsimile documents, and affix the banking enterprise’s signature/seal and keep the facsimile documents, together with settlement declaration records, for future reference. Besides, the banking enterprise shall make a copy of the facsimile documents, and send the copy to the Department together with the data in the form of the [electronic] medium and the daily transaction report. Relevant documents do not need to be sent to the Department if the foreign exchange settlement declaration has been made in accordance with the provisions of Paragraphs 1 and 2, Article 5 of the Regulations for Declaration.