National Foreign Exchange Bureau Clarifies Scope of Foreign Exchange Risk Transaction Reporting: Includes Suspected Cases of Fake Trade, Underground Money Brokers, and Cross-Border Gambling

The National Foreign Exchange Administration has issued the _Banking Foreign Exchange Risk Transaction Reporting Management Regulation (Trial Version)_. The Regulations comprise four chapters and 23 articles, covering the following key points:

**Clarifying the Responsibility of Banks to Report Foreign Exchange Risk Transactions**: Banks are required to develop foreign exchange risk transaction monitoring standards, establish a robust monitoring system, conduct analytical research, and submit foreign exchange risk transaction reports to the National Foreign Exchange Administration.

**Defining the Scope of Foreign Exchange Risk Transaction Reporting**: Reports are to be submitted on transactions involving suspected cases of fake trade, fake investment and financing, underground money brokers, cross-border gambling, obtaining taxes refunded through fake means, virtual currency unauthorized cross-border financial activities, and other suspected cases of cross-border illegal and irregular fund flows.

**Clarifying the Main Contents of Foreign Exchange Risk Transaction Reports**: Reports are expected to include basic information on foreign exchange risk transactions and the measures to be taken in response.

**Stipulating Internal Management Measures for Banks**: Banks are required to implement internal control mechanisms, establish supporting systems, maintain records, and ensure confidentiality management.