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Split transaction

2023/2/26 1:52:27  Classification:   Participation: 11  

What is split transaction Split transaction refers to m bestforexrebatee than 5 different rebatemean cashback forexginforexs who purchase best forex rebate rebateinforextrading on the same day, every other day or multiple consecutive days rebatesinforex then remit foreign exchange to the same person or institution abroad; an individual withdraws close to the equivalent of $10,000 in foreign currency cash from the same foreign exchange savings account more than 5 times within 7 days; the same person transfers the deposit in his foreign exchange savings account to more than 5 immediate family members, etc. The situation is defined as individual split For example, Xiao Ming intends to buy a house in the U.S. and is stuck with the annual $50,000 foreign exchange purchase limit, so he mobilizes his relatives at home to purchase foreign exchange and then wire transfer it to him (on the same day, next day or multiple consecutive days) This may constitute a split transaction of individual foreign exchange purchase, and if the total amount of foreign exchange purchase exceeds the equivalent of $200,000 in 90 days, Xiao Ming will be on the banks The "concern list" may be suspended from foreign exchange transactions and remittance splitting explanation How to calculate the consecutive days?　　As long as the individual settlement and sale of foreign exchange through multiple visits and frequencies to circumvent the limit management are individual splitting and sale of foreign exchange, therefore, there is no fixed definition of multiple consecutive days How will banks handle the individual splitting and sale of foreign exchange after they find out?　　① for the individual split foreign exchange settlement and sale characteristics are obvious, the bank can confirm the split foreign exchange settlement and sale behavior, should not handle ② individual settlement and sale behavior is consistent with one of the split characteristics, but the bank can not directly confirm the split foreign exchange settlement and sale behavior: under the current account, the bank should be in accordance with the current account foreign exchange revenue and expenditure authenticity audit principles, require individuals to submit relevant documents with transaction amounts; individuals can not provide, the bank should not handle Under capital items, the bank shall handle the individuals capital items in accordance with Chapter 3 of the Rules for the Implementation of Individual Foreign Exchange Management Measures (Huifa [2007] No. 1). ③ If the bank finds that the individual is suspected of splitting the foreign exchange settlement or sale during the post-check, it shall pay attention to collecting relevant clues to avoid the same person from handling the splitting business again, and at the same time report to the State Administration of Foreign Exchange within 3 working days from the date of discovery. The local branch office reports Chinas control on splitting transactions Since 2007, the Foreign Exchange Bureau has implemented an annual total management system for individual settlement and sale of foreign exchange, within the scope of the facilitated quota, individuals with valid ID cards for purchases and payments of foreign exchange within the equivalent of USD 50,000 over the equivalent of USD 50,000 or more, as long as they have a real and legitimate demand for purchase and payment of foreign exchange, individuals can also use their own identity certificates and relevant with the amount of the transaction On April 15, 2016, the China Foreign Exchange Administration issued the "Notice of the State Administration of Foreign Exchange on Further Improving the Management of Individual Foreign Exchange" to strengthen the management of ant-like foreign exchange purchases The Measures for the Management of Individual Foreign Exchange (Peoples Bank of China Order No. 3) clearly stipulates that banks and individuals in handling individual foreign exchange business shall not evade supervision of the limit by splitting and other means, nor shall they Use of false commercial documents or vouchers to evade the authenticity of the management of split transactions control 1, strengthen the management of foreign exchange purchases by corporate customers Strengthen the management of current account foreign exchange purchases and payments, including trade in goods, trade in services and personal split and repetitive foreign exchange purchases and payments management for temporary customers, especially off-site customers to increase audit efforts to prevent unreasonably large, high-frequency foreign exchange purchases and payments beyond the scale of operations to prevent enterprises without a real background 2, strengthen the foreign exchange audit of trade in services For large purchases of foreign exchange business, the contract, invoices and other content should be reviewed, for the same enterprise in a short period of time to the same recipient abroad to pay multiple payments close to the equivalent of 50,000 U.S. dollars in foreign exchange payment business requires strict audit 3, strengthen the management of individual split and repeat foreign exchange purchases for the 811 exchange rate reform since the cumulative large and frequent purchases and payments of foreign exchange users to strengthen supervision and strict audit of individual split foreign exchange purchases Status and not for banks should review the content of the split every 2 months, for the first 90 trading days, more than 5 different individuals on the same day, every other day or multiple consecutive days respectively purchase foreign exchange, the total amount of foreign exchange purchases more than the equivalent of 200,000 U.S. dollars, and foreign exchange remittances to the same person or institution abroad, will be included in the concern list

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