Bank of Taiwan Selects Regulatory Reporting System for China Branch
The Bank of Taiwan has selected Wolters Kluwer Financial Services’ FRSGlobal regulatory reporting system to handle regulatory compliance at its recently-opened branch in mainland China.
Wolters Kluwer adds that Bank of Taiwan initiated a selection process last year to explore several regulatory reporting systems that could provide reliable compliance to the various mainland China regulatory bodies. The system will help the bank to manage compliance with regulations set out by the People’s Bank of China (PBOC), the China Banking Regulatory Commission (CBRC) and the State Administration of Foreign Exchange (SAFE), including foreign currency account reporting (ABOQ) and balance of payment (BOP) reporting and various operational reports, including anti-money laundering (AML) reports.
Taiwan’s banks were permitted to operate in mainland China following the signing of a financial memorandum of understanding between their respective banking regulators in April 2009. Most recently the state-owned Bank of China opened a branch in Taipei on 27 June, the first by a Chinese bank in Taiwan.