Regulatory Alerts2017-10-31
Added · Updated
Regulations Governing the Establishment and Administration of Foreign Currency Exchange Counters
These Regulations define foreign currency exchange counters as non-financial businesses exchanging currency for specific travelers, limiting each transaction to US$10,000 or its equivalent. The Bank of Taiwan entrusts the Bank of Taiwan Co., Ltd. with administrative duties, including licensing, inspections, and approval revocation for entities such as hotels, travel agencies, and tourist shops. Counters must display exchange rates, submit quarterly transaction reports by the 15th of the following month, and maintain records for at least ten years. They are also required to verify customer identities, report suspicious money laundering activities within five business days, and ensure staff complete mandatory training.
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