Regulatory Alerts2021-06-29
Added · Updated
Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
This document establishes operational rules for banking enterprises assisting customers with foreign exchange settlements against the New Taiwan dollar, including requirements to verify identity information, prevent the splitting of large transactions to evade declaration limits, and maintain accurate records. It specifies that single transactions under NT$500,000 or USD 100,000 are exempt from certain aggregate annual limits and declaration statements, while outlining specific procedures for diplomatic missions, listed companies, and cross-border loans. The regulations mandate the use of online real-time enquiry systems for annual aggregate settlement amounts and require banking enterprises to verify supporting documents for investments and remittances before processing declarations.
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