Regulatory Alerts2021-12-30
Added · Updated
Directions Governing Authorized Banks for Operating Foreign Exchange Businesses through Electronic or Communications Equipment
The document establishes operational rules for authorized banks conducting foreign exchange transactions via electronic or communications equipment, distinguishing between businesses that require no application, those requiring two weeks' prior reporting, and those exempt from reporting. It mandates that banks aggregate settlement amounts against NTD for the same customer on the same day, triggering specific verification and documentation requirements when the total reaches or exceeds NTD 500,000. Banks must implement system controls for remittance classification, provide reference exchange rates, and ensure scheduled transactions are priced at execution rather than booking. Additionally, banks are required to conduct internal compliance and audit checks before commencing these operations and submit monthly reports on electronic banking business.
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