The State Administration of Foreign Exchange issued a report on high-risk transactions such as illegal cross-border financial activities involving virtual currencies.

PANews reported on December 27 that according to the announcement of the State Administration of Foreign Exchange, the (Management Measures for Bank Foreign Exchange Risk Transaction Report (Trial)) has been issued and will be implemented from now on. The (Measures) is a supporting document for the (Management Measures for Bank Foreign Exchange Business (Trial)), which aims to strengthen the foreign exchange risk management of banks and conduct early identification, early warning and early disposal of high-risk transactions such as suspected false trade, underground banks, and illegal cross-border financial activities of virtual currencies.

The main contents include: clarifying the reporting responsibilities of banks for foreign exchange risk transactions, requiring the establishment of a monitoring system and the submission of reports; stipulating the scope of information reporting, including activities suspected of illegal and irregular cross-border capital flows; clarifying the content of the report, such as basic information and measures to be taken; and strengthening internal management measures, including internal control systems and data confidentiality management.