Regulatory Alerts2018-06-28
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 foreign currency for specific travelers, limiting each transaction to US$10,000 or its equivalent. They authorize the Bank of Taiwan to delegate administrative approvals and inspections to the Bank of Taiwan Co., Ltd., while requiring counters to display identification signs, post exchange rates, and submit quarterly transaction reports. The rules mandate customer due diligence, including identity verification and transaction rejection for suspicious or sanctioned individuals, with suspicious activity reports due within five business days. Additionally, counters must maintain records for at least five to ten years, ensure staff training on anti-money laundering, and adhere to specific limits and reporting procedures for Renminbi cash exchanges.
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