Regulatory Alerts2019-02-15
Added · Updated
Directions Governing Authorized Banks for Operating Foreign Exchange Businesses through Electronic or Communications Equipment
Authorized banks operating foreign exchange businesses via electronic or communications equipment must comply with these Directions alongside existing foreign exchange regulations. The rules define business scopes that require no application, those requiring two weeks' prior record reporting, and specific operational constraints such as service hours and position covering. Banks are mandated to aggregate settlement amounts to prevent evasion, verify documents for transactions equal to or exceeding NTD 500,000, and implement system functions for remittance classification and exchange rate determination. Additionally, banks must ensure compliance with internal controls, conduct internal audits, and submit monthly reports on electronic banking operations.
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