【National Foreign Exchange Administration Releases Report Management Measures for High-Risk Transactions such as Illegal Cross-Border Financial Activities Involving Virtual Currencies】On December 27, news reported that the National Foreign Exchange Administration announced that the (Bank Foreign Exchange Risk Transaction Reporting Management Measures (Trial)) have been published and will take effect immediately. The (Measures) are a supporting document of the (Bank Foreign Exchange Business Management Measures (Trial)), aimed at strengthening banks' foreign exchange risk management and early identification, early warning, and early handling of high-risk transactions suspected of false trade, underground banks, and illegal cross-border financial activities involving virtual currencies. The main contents include: clarifying banks' responsibilities for foreign exchange risk transaction reporting, requiring the establishment of monitoring systems and submission of reports; specifying the scope of information reporting, including activities suspected of illegal cross-border capital flows; clarifying report contents, such as basic information and measures to be taken; strengthening internal management measures, including internal control systems and data confidentiality management, etc.