Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
"Measures for the Administration of Banks' Foreign Exchange Business Development (Trial)": Banks should report suspected illegal cross-border financi

"Measures for the Administration of Banks' Foreign Exchange Business Development (Trial)": Banks should report suspected illegal cross-border financi

CointimeCointime2023/12/29 13:53
By:Cointime

On December 29th, in order to further enhance the foreign exchange exhibition capabilities of banks, promote cross-border trade and investment facilitation, and prevent cross-border capital flow risks, the State Administration of Foreign Exchange formulated the "Bank Foreign Exchange Exhibition Management Measures (Trial)" in accordance with the "Foreign Exchange Administration Regulations of the People's Republic of China" and related laws and regulations, which will be implemented from January 1, 2024.

Chapter 5 of the Measures on Foreign Exchange Risk Trading Monitoring and Disposal points out that banks should monitor and analyze foreign exchange risk trading for customer transactions, and for information related to suspected false trade, false investment and financing, underground banks, cross-border gambling, fraudulent export tax rebates, illegal cross-border financial activities of virtual currencies, and other suspected illegal cross-border capital flow behaviors discovered through due diligence investigations, in-process reviews, and post-monitoring, timely form foreign exchange risk trading reports and submit them to the State Administration of Foreign Exchange.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Russia Pushes Crypto Tax Reform Amid Bitcoin Surge

However, Russian miners of cryptocurrencies will be exempt from paying VAT (Value Added Tax) on the coins they mine.

Cryptotimes2024/11/29 05:00

XRP Lawsuit: US Judge Approves Ripple’s Judgment Request

Judge Phyllis Hamilton approved a joint request from both parties to move forward with the final judgment while maintaining a stay on the plaintiff’s class claims.

Cryptotimes2024/11/29 05:00

The Solana ecosystem has a lot to be thankful for this year

Let’s raise a toast to another year of SOLid progress

Blockworks2024/11/29 04:11