Regulatory Alerts2019-02-15
Added · Updated
Regulations Governing Foreign Exchange Business of Banking Enterprises
These Regulations govern the foreign exchange business of banking enterprises, including banks, the Agricultural Bank of Taiwan Corporation, credit cooperatives, credit departments of farmers' or fishermen’s associations, and Chunghwa Post Co., Ltd. within the Republic of China. Authorized banks must obtain approval or report for record to engage in specific activities, with distinct qualification requirements for domestic banks, foreign bank branches, and internet-only banks. The text defines foreign exchange derivatives and complex high-risk products, mandating specific personnel training and experience for those handling such transactions. Additionally, it outlines application procedures for foreign currency settlement banks, various trust businesses, and the establishment of automatic teller machines for foreign exchange services.
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