Regulatory Alerts2018-01-04
Added · Updated
Directions Governing Authorized Banks for Operating Foreign Exchange Businesses through Electronic and Communications Equipment
The document establishes reporting and operational requirements for authorized banks conducting foreign exchange transactions via electronic and communications equipment. Banks must report to the Central Bank for record two weeks prior to commencing specific foreign exchange settlement businesses involving New Taiwan Dollars with values of NT$500,000 or more, while other specified transactions may proceed without application. The regulations mandate controls to prevent the breaking up of large settlements, requiring the aggregation of same-day transactions and verification of supporting documents when thresholds are met. Additionally, banks must implement specific system functions for remittance classification, exchange rate determination, and internal compliance audits.
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