Regulatory Alerts2005-12-21
Added · Updated
Directions Governing Banking Enterprises for Operating Foreign Exchange Business
This regulation establishes operational requirements for authorized banks and post offices conducting foreign exchange activities, including export and import business, remittances, deposits, loans, guarantees, and trust funds. It mandates specific documentation, certificate issuance, and daily reporting to the Department of Foreign Exchange, while imposing restrictions such as prohibiting foreign currency loans from being converted to New Taiwan dollars and limiting foreign currency ATM withdrawals to USD 10,000 per person daily. The text also details procedures for triangular trade negotiations and sets a threshold requiring a Declaration Statement for foreign currency banknote transactions exceeding New Taiwan dollars 500,000.
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