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The Foreign Exchange Bureau Notified The Second Batch Of Bank'S Penalties For Illegal Foreign Exchange Operations.

2010/12/30 9:13:00 55

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Foreign Exchange Bank Violating Foreign Exchange Business

Xinhua news agency, Beijing, December, 29, for the warning and education bank and its branches, to further enhance the sense of banking compliance and create a social force to prevent the fight against "hot money", the State Administration of foreign exchange has investigated and dealt with it in stages.

Foreign exchange violation

Notification of the case.

Following the announcement of a number of typical cases of bank foreign exchange violations and penalties in October 28, 2010, the foreign exchange bureau informed the second batch of foreign exchange violations and penalties on the 29 bank.

In order to prevent and crack down on "hot money" and other irregularities

Cross border funds

Inflow, maintain stable and healthy operation of the foreign exchange market, and safeguard national economic and financial security. Since late February 2010, the foreign exchange bureau has launched special actions to deal with and crack down on "hot money" and other illegal capital inflows in some provinces (districts and cities) where foreign exchange capital has been inflows, and has verified 197 cases of foreign exchange violations, involving a total amount of $7 billion 340 million.

Since October 2010, the foreign exchange bureau has launched a new round of special inspections to crack down on illegal foreign exchange inflows. A total of 3 Commercial Bank headquarters and 33 branches of Chinese funded banks and 9 foreign banks have been inspected, covering foreign exchange settlement, short-term foreign debt, offshore finance, foreign exchange capital sources and operation.

Foreign Exchange Bureau

From the inspection point of view, the vast majority of banks have been improving financial services at the same time, the sense of compliance management has been enhanced, and the overall situation of compliance management has been further improved.

However, some irregularities in the operation of some banks were also found in the inspection, which included: short-term external debt exceeding index, illegal capital settlement, personal sale and settlement, current account and capital account receipts and payments, violating foreign exchange account management regulations, and failing to seriously implement the authenticity audit when handling the business of behalf of customers.

The foreign exchange bureau has conducted centralized treatment of these violations according to law, and has increased penalties.

Since October 2010, the cases of bank violation have been dealt with in 20 regions, including Guangdong, Jiangsu, Beijing and Shanghai, involving 79 branches of 16 branches, including ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, CITIC Bank, Shanghai Pudong Development Bank, Xiamen international bank, and Japan's Yamaguchi bank. Penalties include fines, partial foreign exchange operations and penalties for senior management personnel.

The second typical cases of foreign exchange violation and punishment by foreign exchange bureau are as follows:

In January 2009, ICBC Yanbu sub branch of Foshan did not strictly examine the certificate of settlement, and handled 1 capital pactions for a real estate company in Foshan, which amounted to 26 million 320 thousand US dollars, which violated the relevant provisions on capital settlement.

The foreign exchange bureau imposed a fine on the sub branch in accordance with the regulations on foreign exchange control of the People's Republic of China, and suspended its capital settlement business for 3 months, while at the same time imposed a fine on two senior managers of the branch.

From January 2009 to December, the Hanjiang Branch of ICBC, Yangzhou, did not strictly examine the certificate of foreign exchange settlement. It handled 22 capital pactions for three foreign-invested enterprises such as a textile company in Yangzhou, and the total amount of foreign exchange settlement amounted to 19 million 174 thousand US dollars, which violated the relevant provisions on capital settlement.

The foreign exchange bureau fined the sub branch under the People's Republic of China foreign exchange control regulations and suspended its capital settlement business for 3 months.

In November 2009, China Construction Bank Shanghai six li sub branch did not strictly examine the foreign exchange certificates, and handled 1 capital pactions for a shopping company, with an amount of HK $63 million 116 thousand and 600.

According to the investigation, 26 million 721 thousand and 200 of the Hong Kong dollar had no corresponding foreign exchange certificate, which violated the relevant provisions on capital settlement.

The foreign exchange bureau fined the sub branch under the People's Republic of China foreign exchange control regulations and suspended its capital settlement business for 3 months.

In September 2009, China Construction Bank Beijing branch three yuan sub branch, when handling personal foreign exchange business in excess of the total annual amount, did not examine 1 foreign exchange vouchers, which amounted to $1 million 730 thousand, violating the relevant provisions of individual foreign exchange management.

The foreign exchange bureau fined the sub branch in accordance with the regulations of the People's Republic of China on foreign exchange control and suspended its personal sale and purchase business for 6 months.

In April 2009, the Baoan branch of Shenzhen branch of China Construction Bank handled the settlement of foreign exchange loans for short term foreign exchange loans for an instrument company in Shenzhen. The amount of foreign exchange settlement amounted to US $2 million 300 thousand, which violated the relevant provisions of capital account settlement management.

The foreign exchange bureau fined the sub branch in accordance with the regulations of the People's Republic of China on foreign exchange control and suspended its capital account settlement business for 3 months.

From March 2008 to May 2010, Xiamen International Bank Fuzhou branch failed to settle 33 foreign exchange settlement through the personal selling and selling management information system. The sum amounted to HK $17 million 284 thousand and 200, which violated the relevant provisions of individual foreign exchange management.

In accordance with the regulations on foreign exchange control of the People's Republic of China, the foreign exchange bureau fines the branch and suspends its personal sale and purchase business for 6 months.

From February 2009 to October, Shanghai Pudong Development Bank, Ningbo Zhongxing sub branch, handled 56 pieces of foreign exchange settlement for 56 individuals in Dongmou, and the sum amounted to 2 million 765 thousand and 900 US dollars.

The foreign exchange bureau fines the sub branch in accordance with the regulations on foreign exchange control of the People's Republic of China.

In May 2010, July and August, the business department of CITIC Bank Dalian branch handled 3 capital accounts for a Real Estate Company in Dalian in the name of reserve fund. The sum of the total amount was 1 million 377 thousand and 900 US dollars, and the foreign exchange certificate was not strictly examined, which violated the relevant Provisions on capital settlement.

In accordance with the regulations on foreign exchange control of the People's Republic of China, the foreign exchange bureau fines the business department of the branch and suspends its capital settlement business for 3 months.

In December 2009, the Yulin Jiangnan sub branch of ICBC handled 14 pactions of personal cash splitting and settlement business illegally, and the sum amounted to $67 thousand. In May 2010, the Sales Department of ICBC Yulin branch violating the rules of handling 5 personal exchange settlement pactions separately, with a total value of HK $2 million 300 thousand.

The above act violates the relevant provisions of individual foreign exchange control, and the foreign exchange bureau fines the above branches separately according to the regulations of the People's Republic of China on foreign exchange control, and suspends its personal sale and purchase business for 3 months.

The foreign exchange bureau said that designated foreign exchange banks as the main channel of foreign exchange business should strictly abide by the regulations on foreign exchange control and take social responsibility seriously.

All banks involved in the notice should attach great importance to it, check and correct them carefully, and other banking institutions should learn from the above cases, strengthen internal management and operate according to law.

The foreign exchange bureau will continue to improve its financial services and facilitate the operation of the main business of the market. Meanwhile, it will continue to strengthen the supervision of foreign exchange business, enhance the means of foreign exchange inspection, and severely crack down on cross-border flows of illegal funds such as hot money, and promote the healthy development of foreign-related economic and financial sectors.

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