According to BlockBeats news, on December 29, the website of the State Administration of Foreign Exchange of China showed 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 the order of the foreign exchange market, the State Administration of Foreign Exchange formulated the 'Administrative Measures for Bank Foreign Exchange Risk Trading Reports (Trial)' based on the 'Measures for the Administration of Bank Foreign Exchange Business (Trial)' 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 behaviors, it should monitor foreign exchange risk trading information and report 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, fraudulent export tax refunds, illegal cross-border financial activities involving virtual currencies, and other suspected illegal cross-border fund flow activities; foreign exchange risk trading information refers to information related to foreign exchange risk trading behavior. Banks should promptly report foreign exchange risk trading reports to the State Administration of Foreign Exchange through their headquarters or designated institutions.