1. The Bank of Taiwan (hereinafter referred to as the Bank) stipulates this Point of Attention for the administrative purpose concerning the approval of the establishment of a FOREIGN EXCHANGE BUREAU. The Bank reserves the right to cancel the approval, and to cancel the performance of operational audits when necessary.
2. A MONEY EXCHANGER is a dealer authorized by the Bank that exchanges cash or traveler’s checks from foreign currency into New Taiwan dollars for travelers holding foreign passports and overseas Chinese coming to Taiwan for tourism.
3. The following institutions, if their business operations require the exchange of foreign currency and if they have adequate security measures, may apply to establish themselves as a MONEY EXCHANGER through an official application to the Bank’s Department of International Banking. These institutions include tourist hotels, travel agencies, department stores, handicraft shops, precious mineral (gold and silver) and jewelry stores, convenience stores, administrative offices of national scenic areas, sightseeing service centers, railway stations, temples, museums; and other institutions and associations that provide services to foreign travelers, or hotels and stores located in remote areas. Application requirements and the documents to be submitted are as follows:
3.1 Hotels, department stores, handicraft shops, and other institutions and associations providing services for foreign travelers, or hotels and stores located in remote areas, should submit the following documentation: license for profit seeking enterprise; company registration form or change of registration form; hotel business license issued by the authorities if applicable; business contact person’s identification card; and a business description.
3.2 Travel agencies undertake arrangements for foreign travelers and clearly need to cater for their foreign currency exchange needs. These agencies should submit the following documentation: license for profit seeking enterprise; company registration form or change of registration form; tourist business license (integrated journey business) issued by the Tourism Bureau, Ministry of Transportation and Communications; business contact person’s identification card; and a business description.
3.3 Gold, silver and jewelry stores should apply to establish themselves as a MONEY EXCHANGER only if there is a direct need for the store to cater for foreign travelers’ currency exchange needs. Eligible businesses should submit the following documentation: letters of recommendation from their associations; license for profit seeking enterprise; company registration form or change of registration form; business contact person’s identification card; and a business description.
3.4 Convenience stores are restricted to only those which are part of a large, nationwide chain. These organizations must be large in scale and must prove there is a need for them to cater for foreign travelers’ currency exchange needs. The head office of a large chain store should apply to establish themselves as a MONEY EXCHANGER by submitting the following documentation: license for profit seeking enterprise; company registration form or change of registration form; business contact person’s identification card; business description; the specified locations where they will offer the MONEY EXCHANGER service; and the identification card of the business contact person at each specified location.
3.5 Temples: Temples are restricted to only those that are legally recognized. These organizations must be large in scale, of good reputation and have historic significance. They must also be key tourist attractions promoted by the Tourism Bureau. In addition, they must prove there is a need for them to cater for foreign travelers’ currency exchange needs. The head of such a temple should apply to establish themselves as a MONEY EXCHANGER by submitting the following documentation: a deed letter; temple registration license or change of registration license; proof of the head person’s legal authority over the temple and a letter of consent from the board of directors.
3.6 Railway stations (including High Speed Rail stations and Mass Rapid Transit stations) are restricted to only those in areas which are directly under the jurisdiction of the Central Government, and other stations which are important for tourist use. Before applying to establish themselves as a MONEY EXCHANGER they must gain the approval of the Taiwan Railway Administration Bureau, Taiwan High Speed Rail Corporation or Taipei/Kaohsiung Rapid Transit Corporation.
3.7 Museums are restricted to only those of substantial scale, reputation, and of interest to foreign travelers. In addition, they must prove there is a need for them to cater for foreign travelers’ currency exchange needs. Government-established museums should submit a letter of consent from the authority with their application. Privately established museums should apply, with their seal and submit the head person’s registration license, a letter of consent from the board of directors and other relevant documents supporting the museum’s need to be a money exchanger.
3.8 Administrative offices of national scenic areas and sightseeing service centers, which are managed by their governmental institutes, should apply via their respective tourist administration offices or sightseeing service centers, and provide letters of consent from those authorities. Privately owned organizations should submit their license as a profit seeking enterprise, company registration form or change of registration form, business contact person’s identification card and other relevant documents supporting their need to be a money exchanger.
Any application to be a MONEY EXCHANGER by an organization other than in the industries listed above should be made to the Central Bank of China through Bank of Taiwan for special approval.
4. Those who apply to establish themselves as a MONEY EXCHANGER, with the exception of entities which fall under Point 3.1, must perform a self-evaluation of the business site, produce a working security chart and submit the security control evaluation information along with the application documents for approval.
For a MONEY EXCHANGER set-up in the case described above, the bank shall review documents and examine security control mechanisms on the premises; if there are no reservations, the MONEY EXCHANGER will be granted a trial license for six months. At the end of this six-month period, the Bank shall evaluate the operation of the MONEY EXCHANGER. If the evaluation is positive, the Bank shall issue a money exchanger license to the successful applicant.
5. After the Bank’s has approved the establishment of a MONEY EXCHANGER, an oblong shaped seal that is exclusive to that MONEY EXCHANGER shall be carved immediately. The special seal shall include the name, address and telephone number of the company, together with an EXCHANGER code. This seal shall be stamped on every bill of the MONEY EXCHANGER, and on the back of foreign currency traveler’s checks sold to travelers.
Each MONEY EXCHANGER, excluding tourist hotels, shall display a uniform identification mark in Chinese and English at a clear spot outside the entrance to the premises. A department store which is established as a MONEY EXCHANGER shall indicate the floor on which the MONEY EXCHANGER is located.
6. MONEY EXCHANGERS shall conduct foreign currency exchange business in accordance with the regulations stated in the Foreign Exchange Control Act, Foreign Exchange Proceeds and Payments or Exchange Handling Manual and Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus and so on, and shall send officers to participate in foreign currency appreciation and regulation training held by the Bank. In the event any of the following situations, the Bank may revoke or cancel a MONEY EXCHANGER license:
6.1 A serious violation of the “Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus” of the Central Bank of China, this Points of Attention and other relevant regulations.
6.2 The MONEY EXCHANGER has not conducted any foreign currency exchange transactions for two successive quarters, or the total amount of transactions has not amounted to five thousand US Dollars or its equivalent for four successive quarters.
6.3 The MONEY EXCHANGER suspends its business, is dissolved or becomes bankrupt.
6.4 If the documents in the original application are found to be materially false, subsequent to approval being granted.
The operational audit of the MONEY EXCHANGER may be performed by the Central Bank of the Republic of China (Taiwan) solely or jointly with the Bank of Taiwan.
7. Any MONEY EXCHANGER which handles foreign currency cash or traveler’s check exchanges shall confirm a client’s identity and background, and keep the transaction records. The maximum amount of each transaction shall not exceed ten thousand US Dollars (US$ 10,000) or its equivalent, and the exchange officers shall invoice the transaction with a three-copy exchange memo, examine the passport of the exchanger and record the name, date of birth, nationality, passport number and transaction amount on the exchange memo. The exchange memo must be personally signed by the exchanger.
Upon the discovery of suspicious money laundering transactions, the following action shall be taken: the MONEY EXCHANGER must immediately complete the “Money Exchanger Money Laundering Transaction Suspicion Report” (as the annex：drawn up in triplicate) and fax it to the Bank within 5 working days (original followed).
The MONEY EXCHANGER must report and deliver information on the suspect transactions to the Money Laundering Prevention Center, Investigation Bureau, Ministry of Justice through Bank of Taiwan in the following cases:
7.1 Where several people team up with one another to exchange foreign currency cash or traveler’s checks and the transactions do not appear to correspond with the client’s identity, status and revenue background.
7.2 Where a customer, through the method of rounding the number to zero, conducts repeated foreign currency exchange transactions in small amounts.