Regulatory Alerts2024-07-04
Added · Updated
Directions for Domestic Securities Firms Approved to Conduct Foreign Exchange Business and Assist Customers with FX Declarations
Amended on July 4, 2024, these directions require domestic securities firms (DSFs) to assist customers in making truthful foreign exchange declarations against New Taiwan dollars and verify related securities transaction documents. The rules specify that DSFs must prevent customers from splitting large settlements to circumvent limits, enforce a maximum single transaction amount of US$100,000, and exempt transactions under NT$500,000 from declaration requirements. DSFs must also design online control programs for internet declarations, verify declarant identities according to detailed ID number provisions, and retain supporting documents for examination by the Central Bank of the Republic of China (Taiwan).
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