Skip to content

State Administration of Foreign Exchange Requires Banks Report Overseas Transactions over CNY 1,000

State Administration of Foreign Exchange Requires Banks Report Overseas Transactions over CNY 1,000

The Circular states that, starting from September 1st, 2017, Chinese financial institutions which issue bank cards must collect and report information to the State Administration of Foreign Exchange (SAFE) on the use of their bank cards for all oversaeas transactions greater than CNY 1,000. This also includes cash withdrawals. 

Tags: 
Corporate/Legal

Share