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

On December 27th, it was announced by the State Administration of Foreign Exchange that the "Management Measures for Bank Foreign Exchange Risk Trading Reports (Trial)" have been released and are now in effect. The "Measures" are a supporting document for the "Management Measures for Bank Foreign Exchange Business (Trial)" and aim to strengthen bank foreign exchange risk management, identify, early warning and early disposal of high-risk transactions such as suspected false trade, underground banks, and illegal cross-border financial activities involving virtual currencies.

The main contents include: clarifying the responsibility for bank foreign exchange risk trading reports, requiring the establishment of monitoring systems and submission of reports; specifying the scope of information reporting, including activities involving suspected illegal cross-border capital flows; clarifying the content of the report, such as basic information and proposed measures to be taken; strengthening internal management measures, including internal control systems and data confidentiality management.