The State Administration of forex has issued the Regulations on the Management of Reports on High-risk Transactions such as Illegal Cross-border Financial Activities of Virtual Money.

The State forex Administration issued the Interim Measures for the Management of Risky Transactions such as Illegal Cross-Border Financial Activities related to Virtual Money. According to the announcement of the State forex Administration on December 27, the Interim Measures for the Management of Risky Transactions in forex by banks (Trial) has been issued and implemented as of the date of its release. The Measures are a supporting document for the Trial Measures for the Operation and Management of forex by Banks, aiming to strengthen the Risk Management of forex by banks and to identify, warn, and deal with high-risk transactions related to suspected false trade, underground banks, and illegal cross-border financial activities involving Virtual Money at an early stage. The main content includes: clarifying the responsibility of banks for forex risk trading reports, requiring the establishment of monitoring systems and submitting reports; specifying the scope of information reporting, including activities involving suspected illegal cross-border fund flows; specifying the contents of the reports, such as basic situation and proposed measures; strengthening internal management measures, including internal control systems and confidential information management.