Regulatory Alerts2022-12-26
Added · Updated
Directions for Domestic Security Firms Approved to Conduct Foreign Exchange Business While Assisting Customers in Declaring Foreign Exchange Receipts and Disbursements or Transactions
Domestic securities firms approved to conduct foreign exchange business must assist customers in making truthful declarations when settling foreign exchange against New Taiwan dollars. The rules specify verification procedures for spot transactions, online enquiry requirements for aggregate settlement amounts, and a single transaction limit of US$ 100,000. Transactions under NT$ 500,000 are exempt from declaration statements, and firms must prevent the breakup of large settlements to circumvent these provisions. Additionally, the document details identity verification, ID number entry formats, and correction procedures for untruthful or erroneous declarations.
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