The foreign exchange bureau issued a notice that starting from August 21, each card issuing bank shall submit the bank card overseas transaction information within 24 hours of the previous day before 12:00 every day in Beijing according to the requirements of the bank card overseas transaction data collection specification. . That is to say, the cash withdrawals of domestic bank cards and the information on consumer transactions equivalent to RMB 1,000 or more must be submitted in accordance with regulations.
At the beginning of June, the foreign exchange bureau issued a new regulation requiring that the withdrawal of domestic bank cards from outside China on September 1 and the information on consumer transactions equivalent to RMB 1,000 or more must be reported as required. The reporter was informed yesterday that the Comprehensive Department of the Foreign Exchange Bureau issued the "Notice on the Relevant Work on the Online Trading of Foreign Exchange Management System for Bank Cards". The notice stated that the foreign exchange bureau will carry out the trial operation of the bank card management system from August 21st to 31st. Since August 21, all card-issuing banks shall submit the information on the overseas transactions of the Bank's bank within 24 hours of the previous day before 12:00 Beijing time in accordance with the requirements for data collection rules for overseas transactions of bank cards.
The issuing bank should have the conditions for submitting overseas trading information 21 days ago.
The notice is clear that the foreign exchange bureaus should complete the acceptance of the card issuing banks within their jurisdiction by August 21, 2017. The card issuing bank shall complete the network configuration, client environment setting, user maintenance and other work before August 21, 2017, and complete the basic information maintenance by logging into the bank card management system (bank version) through the bank information portal of the foreign exchange bureau.
Any card issued for the overseas trading of bank cards shall, in accordance with relevant regulations, access the bank card foreign exchange management system to submit the bank card overseas transaction information to the foreign exchange bureau. If the issuing bank fails to access the bank card foreign exchange management system to submit the bank card overseas transaction information as required, the bank card overseas trading business shall be suspended from September 1, 2017 until the information reporting obligation is fulfilled. Domestic financial institutions that have newly established bank card business after September 1, 2017 shall open the bank card overseas transaction business after they have the conditions for accessing the bank card foreign exchange management system to submit the bank card overseas transaction information.
Many people use credit card spending to transfer assets or money laundering
Currently, bank cards have become the most important payment tool for personal outbound use. According to statistics, in 2016, domestic foreign-owned bank card foreign transactions totaled more than 120 billion US dollars.
The insiders pointed out that the current domestic balance of payments for bank cards is mainly based on the total statistical model. With the increase in requirements for anti-money laundering, anti-terrorism financing, and tax base erosion in international collaboration, cross-border transaction statistics of bank cards are The transparency of financial transactions and the quality of statistical data need to be further improved.
According to the reporter's understanding, because China still does not fully liberalize foreign exchange controls, there are many policy obstacles to large amounts of personal funds going out to sea. Therefore, many people used to use credit card spending to transfer assets or money laundering. For example, after buying chips at overseas casinos, they can cash out by exchanging with others or directly withdrawing funds; after purchasing high-end luxury goods, memberships, and collectibles, they will transfer to others for cash acquisition; even some jewellery stores and watch stores in Macao allow Mainland tourists use the UnionPay card to make a false purchase and then cash it in the form of a return. Some people also use the resale of bank cards to withdraw cash from the country, which constitutes an "ant moving house" type of "transfer assets."
Insiders pointed out that it is precisely because money launderers are good at finding policy loopholes and doing things in a row, and my foreign management bureau is also increasing control in recent years. In the future, the original unrestricted overseas consumption will be automatically counted once it exceeds 1,000 yuan. If there is more than 1,000 yuan of overseas consumption in the long run, it is likely to be regarded as suspected of money laundering, and it will be paid attention to by then.
New regulations do not increase personal card costs
Will the implementation of this new regulation bring trouble to the normal consumption of cardholders? The relevant person in charge of the foreign exchange bureau said that it will carry out the collection of information on overseas transactions of bank cards, and does not involve the adjustment of foreign exchange management policies for the use of bank cards abroad. The foreign exchange bureau will continue to support and guarantee the compliance and facilitation of personal bank cards under the current account. Use the card. The bank card overseas transaction information is submitted by the card issuing financial institution, and the individual does not need to declare separately, and does not increase the cost of the personal card. The foreign exchange bureau will protect the cardholder's information security according to law.
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