BlockBeats news, on December 29, according to (Daily Economic News) report, the website of the State Administration of Foreign Exchange of China shows that in order to better coordinate development and security, ensure the facilitation of cross-border trade and investment, prevent and curb illegal foreign exchange activities, and maintain order in the foreign exchange market, the State Administration of Foreign Exchange has formulated the (Management Measures for Foreign Exchange Risk Trading Reports of Banks (Trial)) (hereinafter referred to as (Measures)) based on (Measures for the Management of Banks' Foreign Exchange Business (Trial)) (hereinafter referred to as (Business Measures)) and relevant laws and regulations.
According to the (Measures), if a bank discovers or has reasonable grounds to suspect that its domestic or foreign institutions and individual customers (hereinafter collectively referred to as trading entities) are engaged in foreign exchange risk trading behavior, it should monitor foreign exchange risk trading information and submit foreign exchange risk trading reports.
Foreign exchange risk trading behavior refers to activities involving suspected false trade, false investment and financing, underground banks, cross-border gambling, fraudulently obtaining export tax rebates, illegal cross-border financial activities involving virtual currencies, as well as other suspected illegal and irregular cross-border capital flow activities; foreign exchange risk trading information refers to information related to foreign exchange risk trading behavior. Banks should promptly submit foreign exchange risk trading reports to the State Administration of Foreign Exchange through their headquarters or designated institutions.