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The State Exchange Administration announced that during the first half, 1,354 cases of currency violations were investigated, with a fine of 345 million yuan (RMB ‧ on 19.7% and 59.5% respectively.
Of the 27 cases of typical foreign exchange violations announced by the authorities, the Bank of China (03988) and ICBC (01398) were both on the list. In addition, a number of third-party payment companies have emerged for the first time in cases of public exchange rate violations.
Alipay (China) was fined 600,000 yuan for handling cross-border foreign exchange transactions outside the approved scope, and the international balance of payments was wrongly declared: has not managed cross-border payments for non-residents. Failure to submit an abnormal risk report and other information, if necessary, was fined 600,000 yuan.
SAFE said that the next phase will continue to deepen the reform of foreign exchange management, promote the opening of financial markets and severely punish funds such as fraudulent transactions and illegal arbitrations and to crack down on underground banks. Platforms and other illegal activities.
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