Regulatory Alerts2019-02-13
Added · Updated
Directions on the Opening and Use of Interbank Funds Transfer Guarantee Special Accounts by Financial Institutions
Financial institutions holding reserve or deposit accounts with the Department of Banking of the Central Bank of the Republic of China (Taiwan) may jointly open a No. 87 Interbank Funds Transfer Guarantee Special Account to serve as a guarantee for clearing individual interbank payments. The document establishes procedures for account opening, daily fund transfers, end-of-day settlement re-transfers, and dispute resolution between institutions and clearing institutions. It also permits manual deposits on non-banking days upon approval, subject to a processing fee of NTD 20,000 per application, with cumulative fees applied if multiple applications occur within a year. The Bank utilizes records of these non-banking day applications as a reference for approving future business requests from the financial institutions.
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