Regulatory Alerts2022-01-26
Added · Updated
Regulations Governing the Establishment and Administration of Foreign Currency Exchange Counters
The regulations define foreign currency exchange counters as non-financial businesses exchanging cash or traveler's checks for New Taiwan Dollars, limiting each transaction to US$3,000. They authorize specific industries, such as hotels and convenience stores, to apply for licenses through the Bank of Taiwan, subject to criminal record checks for persons holding over 25% ownership. Operators must verify customer identities, conduct enhanced due diligence for suspicious activities, report transactions exceeding thresholds or involving sanctioned individuals, and maintain records for up to ten years. Renminbi exchanges are capped at RMB 20,000 per person per transaction, with proceeds sold to the Bank of Taiwan every ten days.
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