Regulatory Alerts2016-04-28
Added · Updated
Directions Governing Banking Enterprises for Operating Foreign Exchange Business
The document establishes operational requirements for authorized banks and other banking enterprises conducting foreign exchange business, including export/import transactions, remittances, deposits, loans, guarantees, trust funds, ATM services, and cash sales. It mandates customer identity verification, specific documentation issuance such as negotiation certificates and memos, and daily or monthly reporting of transaction data to the Department of Foreign Exchange via electronic or written mediums. The regulations set procedural rules for wire transfers requiring originator and beneficiary information, restrict foreign currency loan conversions, and define thresholds like a New Taiwan dollar equivalent of 500,000 for declaration requirements in deposit and cash purchase activities.
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