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"Measures for the Administration of Banks' Foreign Exchange Business Development (Trial)": Banks should report suspected illegal cross-border financial activities involving virtual currencies to the f

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.

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