Cctv newsAccording to the website of the People’s Bank of China, the People’s Bank of China and the State Administration of Foreign Exchange issued a notice on improving the digital service level of banks in handling capital account business. Details are as follows:
In order to further facilitate business entities to handle capital account business in a compliant and efficient manner and improve the digital service level of banks, relevant matters are hereby notified as follows:
1. Eligible banking financial institutions (hereinafter referred to as banks) can handle relevant capital account business (hereinafter referred to as digital capital account business) for eligible institutions or individuals (hereinafter referred to as business entities) through online examination of electronic documents in accordance with regulations.
The term "electronic documents" as mentioned in this Notice refers to valid documents and commercial documents in electronic form, such as administrative licensing documents, contracts, invoices, etc., which have legal effect, conform to the provisions of existing laws and regulations, are recognized by banks and can be retained, and their forms include electronic documents automatically generated by the system and electronic scanned copies of paper documents. The relevant capital account business mentioned in this Notice refers to the foreign exchange business of capital account and cross-border RMB business that banks have the right to directly handle offline.
Two, the bank has the following conditions, can handle the digital business of capital projects:
(1) Establish a complete digital business management system for capital projects, including but not limited to business types, business management methods or operating procedures, management system during and after the event, risk prevention and control measures, etc.
(2) Having a technical platform or means for transmitting and storing electronic documents, and relevant technologies can ensure the legality, integrity and security of transmitting and storing electronic documents.
(three) business personnel and management personnel with corresponding business experience.
Banks should co-ordinate services to the real economy and guard against risks, and organize and authorize domestic branches to carry out capital account digitalization business according to laws and regulations according to the specific conditions of business risks, internal compliance and risk control in various regions.
III. Banks should consider the compliance and credit status of business entities in handling capital account business, and in principle, they should not handle capital account digitalization business for the following business entities:
(1) Enterprises in the list of foreign exchange receipts and payments of goods trade whose classification results are below Class A (excluding Class A).
(2) Business entities listed in the control list of the capital account information system or the key supervision list of cross-border RMB business.
(3) Business entities with a record of foreign exchange administrative punishment in the past year (domestic institutions established less than one year have a record of foreign exchange administrative punishment from the date of establishment to the date of handling capital account digitization business).
Four, business entities in the bank to handle the digital business of capital projects, should be submitted to the bank with legal effect, in line with the existing laws and regulations, recognized by the bank and can be retained by the real, complete and clear electronic documents.
Business entities shall not tamper with or reuse electronic documents in violation of regulations.
5. When a bank handles the digital business of capital projects, it shall take the equivalent due diligence measures to handle the related capital projects in the same offline way, strictly abide by the principles of exhibition industry, audit of related capital projects and file management requirements, and meet the following requirements:
(1) The bank shall require the business entities handling the capital account digitization business to submit electronic documents that conform to the provisions of Article 4 of this Notice and are consistent with the original transaction documents.
(two) the bank shall, in accordance with the provisions, make a reasonable audit of whether the electronic documents submitted by the business entities comply with the provisions of Article 4 of this Notice; If the electronic documents submitted by the business entity cannot prove that the transaction is true, legal and reasonable, they should be required to go offline and submit the original transaction documents and other relevant materials.
(3) Banks should take necessary technical identification and other means to avoid the same electronic document that should not be reused and the corresponding paper documents from being reused or tampered with.
(4) If a bank discovers that electronic documents are forged, altered or reused in violation of regulations, it shall stop handling the capital account digitization business for the business entity from the date of discovery, and report to the local branches of the People’s Bank of China and the State Administration of Foreign Exchange in a timely manner.
Banks should also comply with the Anti-Money Laundering Law of People’s Republic of China (PRC), the measures for the management of customer identification of financial institutions and the preservation of customer identification data and transaction records.
6. When handling the digital business of capital account, a bank shall, in accordance with the requirements of the Notice of the State Administration of Foreign Exchange on Issuing the Specification for Data Collection of Foreign Exchange Business of Financial Institutions (Version 1.3) (Huifa [2022] No.13), timely submit relevant cross-border revenue and expenditure, accounts, domestic transfers, settlement and sale of foreign exchange in accounts and other information.
For the submission of cross-border revenue and expenditure information, the word "CADS" should be marked in the column of "transaction postscript"; When submitting the information of account expenses, the word "CADS" should be marked in the "Remarks" column; For the submission of domestic transfer information, the word "CADS" should be marked in the column of "transaction postscript"; Involving the submission of foreign exchange settlement information, the words "CADS" should be marked in the column of "detailed use of foreign exchange settlement"; Where the information about foreign exchange purchase is submitted, the word "CADS" shall be marked in the column of "Filler"; Where the business registration of capital projects is involved, the words "CADS" shall be marked in the "Remarks" column of all kinds of agreement registration.
When handling the digitalization business of capital projects involving RMB cross-border receipt and payment, banks should also timely, completely and accurately report to the RMB cross-border receipt and payment information management system (RCC) according to the Administrative Measures for RMB cross-border receipt and payment information management system (Yinfa [2017] No.126) and the Notice of the General Office of the People’s Bank of China on Optimizing the Information Reporting Process of RMB cross-border receipt and payment information management system (Yinban Fa [2013] No.188).
Seven, the people’s Bank of China, the State Administration of foreign exchange to strengthen the supervision of the development of capital account digital business. If banks and business entities handle the digital business of capital projects in violation of this notice and the relevant provisions on the management of capital projects, the People’s Bank of China and the State Administration of Foreign Exchange will impose penalties according to the Law of the People’s Republic of China on the People’s Bank of China and the Regulations of People’s Republic of China (PRC) on Foreign Exchange Management.
Eight, foreign banks (Hong Kong, Macao and Taiwan banks apply mutatis mutandis) domestic branches with reference to this notice.
This notice shall come into force as of December 20, 2023. In case of problems in the implementation process, please give feedback to the People’s Bank of China and the State Administration of Foreign Exchange in time.
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