Regulatory Alerts2021-06-29
Added · Updated
Directions for Domestic Security Firms Approved to Conduct Foreign Exchange Business While Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions
Domestic securities firms (DSFs) approved to conduct foreign exchange business must assist customers in making truthful declarations when settling foreign exchange against New Taiwan dollars. The directions specify verification requirements for spot transactions, including checking document veracity and ensuring aggregate settlement amounts do not exceed authorized limits or the US$100,000 per-transaction cap. DSFs are required to prevent declarants from breaking up large settlements into smaller ones to circumvent declaration obligations or prior approval requirements. The rules also detail procedures for online declarations, identity verification, ID number entry, and the correction of untruthful or erroneous declarations.
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