Title:
Announced Date:August 6, 2003
Date:Amended on January 4, 2018(effective from January 6, 2018 )
〈Outward and inward remittance business〉
4.Authorized banks and post offices under the Chunghwa Post Co. Ltd. shall act in accordance with the Money Laundering Control Act, Terrorism Financing Prevention Act and relevant regulations and, in addition, abide by the following provisions when performing domestic and cross-border outward and inward remittance businesses except the transfer of funds and settlement between a financial institution and another financial institution where both institutions are acting on their own behalf: (1) Outward Remittance Business: i. Documents required: Operate in accordance with relevant documents filled out by the customer and inspect ID documents or basic registered information. In the case of a company, limited partnership or firm, query the “company registration inquiry” section, "limited partnership registration inquiry” section or “business registration inquiry” section on the Commerce Industrial Services Portal of the Ministry of Economic Affairs to confirm the basic registered information of the company, limited partnership or firm. Banking enterprises conducting the outward remittance business involving the foreign exchange settlement against NTD with the value equal to or over an equivalent of NTD 500,000 shall comply with the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as Regulations for Declaration) and Directions for Banking Enterprises while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions (hereinafter referred to as Directions for Declaration) and assist the declarant to make a detailed and accurate declaration. ii. Certificates issued: A foreign exchange sale memo shall be issued when the foreign exchange is purchased with NTD. Other transaction certificates shall be issued when the foreign exchange is not purchased with NTD. iii. Delivering wire transfers: Wire transfer remittances shall include the required and accurate information of the originator and the required information of the beneficiary. iv. Providing information: Upon receiving a request from the Bank or the beneficiary bank, provide the originator and beneficiary information available within three (3) business days. However when a prosecutors office or judicial police office requests the immediate provision of relevant information, respond accordingly. (2) Inward Remittance Business: i. Documents required: Operate in accordance with the inward remittance notices, foreign currency notes, or foreign currency banknotes, and inspect ID documents or basic registered information. In the case of a company, limited partnership or a firm, query the “company registration inquiry” section, "limited partnership registration inquiry” section or “business registration inquiry” section on the Commerce Industrial Services Portal of the Ministry of Economic Affairs to confirm the basic registered information of the company, limited partnership or firm. Banking enterprises conducting inward remittance businesses involving the foreign exchange settlement against NTD with the value equal to or over an equivalent of NTD 500,000 shall comply with the Regulations for Declaration and Directions for Declaration, and assist the declarant to make a detailed and accurate declaration. ii. Certificates issued: A foreign exchange purchase memo shall be issued when the foreign exchange is sold for NTD. Other transaction certificates shall be issued when foreign exchange is not sold for NTD. iii. Take the following risk control measures: (i) Take reasonable measures, including post-event monitoring or real-time monitoring where feasible, to identify wire transfers that lack the required originator or beneficiary information. (ii) Implement risk-based policies and procedures to determine when to execute, reject, or suspend a wire transfer lacking the required originator or beneficiary information and implement an appropriate follow-up action where the originator or beneficiary information is insufficient. (3)Intermediary financial institution: i. A financial institution that is an intermediary institution shall retain all the wire transfer originator and beneficiary information accompanying the wire transfer. ii. Where technical limitations prevent the required information accompanying a cross-border wire transfer from being imported to the corresponding domestic wire transfer, according to the Money Laundering Control Act and relevant regulations, the receiving intermediary financial institution shall retain the records of all the information received from the ordering f inancial institution or another intermediary financial institution. iii. Items 3 of the preceding Subparagraph shall apply mutatis mutandis. (4) Data reporting: A daily transaction report and relevant detailed information shall be submitted to the Bank’s Foreign Exchange Data Processing System on the next business day following each transaction day. The term " originator and beneficiary information " referred to in Items 3 and 4, Subparagraph 1, and Items 3, Subparagraph 2, and Subparagraph 3 of the preceding paragraph shall mean: (1)Originator information: i. Name. ii. Account number. In the absence of an account, a unique transaction reference number shall be included to facilitate the traceability of the transaction. iii. Address. The ordering bank could decide whether to replace address with unified business number, national identification number, passport number, resident certificate number, or date and place of birth. (2)Beneficiary information: i. Name. ii. Account number. In the absence of an account, a unique transaction reference number shall be included to facilitate the traceability of the transaction.
〈Foreign exchange deposit business〉
5.Authorized banks shall abide by the following provisions when operating the foreign exchange deposit business: (1)Documents Required: Operate in accordance with the inward remittance notices, foreign currency loans, foreign currency notes, foreign currency banknotes, foreign exchange purchased with NTD, and deposit documents. (2)Operating Restrictions: Shall not be operated with checking deposits. (3)Purchase and Sale Procedures: In the case that NTD is used to purchase the foreign exchange for deposit or when funds from a foreign exchange deposit is sold for NTD, authorized banks shall conduct the purchase or sale with the value equal to or over an equivalent of NTD 500,000 in accordance with the Regulations for Declaration and the Directions for Declaration. (4)Foreign Currency Deposit Transfers: Shall be performed by authorized banks; transferees shall deposit the foreign exchange received in a foreign currency deposit account at an authorized bank. (5)Foreign Currency Time Deposit Pledge: The customer may pledge his/her own foreign currency time deposit to borrow in foreign currency. (6)Certificates issued: A foreign exchange sale memo shall be issued when the deposited amount is purchased with NTD. Other transaction certificates shall be issued when the foreign exchange is not purchased with NTD. A foreign exchange purchase memo shall be issued when the fund from a foreign exchange deposit is sold for NTD. Other transaction certificates shall be issued when the foreign exchange is not sold for NTD. (7)Data reporting: A daily transaction report as well as relevant detailed information, and daily foreign exchange deposit report shall be submitted to the Bank’s Foreign Exchange Data Processing System on the next business day following each transaction day. Authorized banks that accept applications to open digital foreign currency deposit accounts over the Internet shall abide by the following provisions in addition to the provisions of the Template of the Operations of Banks Accepting Customer’s Application to Open Digital Deposit Accounts over the Internet (hereinafter referred to as Operations Template) set out by the Bankers Association of the Republic of China: (1)Counterparties: Individuals who have reached the age of 20 and received the national identification card of the Republic of China as provided in the Operations Template. (2)Types of account: The types of account shall be in accordance with the descriptions in Article 4 of the Operations Template. (3)Scope of Business: Businesses conducted over the counter or through electronic and communications equipment that have been approved by the Bank, reported to the Bank for record, and businesses that may be conducted without making an application. These businesses shall comply with the scope of service provided in Article 4 of Operations Template. (4)Procedure for commencing the business: An authorized bank shall submit a written application together with a regulatory compliance statement (signed by the head office chief compliance officer, chief auditor and head of information department) to the Bank for record two weeks before commencing the business. (5)Data reporting: An authorized bank shall submit the end-of-month balance and number of accounts to the Department of Foreign Exchange of the Bank.
〈Credit card, ATM card, and debit card business〉
14. For an entity engaging in the credit card, ATM card, debit card or cash card business involving foreign exchange, its head office shall report to the Bank for record before commencing the business. For credit card and debit card businesses related to Mainland China Area, an approval letter should be obtained from FSC before commencing the business. All shall abide by the following provisions: (1)When issuing a card to a foreign natural person, the card-issuing institution shall strengthen the credit check and repayment evaluation of the cardholder, and pay attention to the risks. (2)For transactions involving the foreign exchange settlement against NTD, the Regulations for Declaration and other relevant regulations should be followed.