离岸银行业务管理办法 Administration of Offshore Banking Procedures

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　　Article 24　Banks issuing wholesale transferable certificates of deposit should report to the State Administration of Foreign Exchange for examination and approval. The State Administration of Foreign Exchange shall appraise and decide the scale and marketing conditions.

　　Article 25　Offshore accounts shall be clearly marked "OSA" (Offshore Account).

　　Article 26　Non-residents' remittances of funds to offshore accounts, from offshore accounts to accounts outside China and between offshore accounts shall move freely.

　　Banks should move funds between offshore accounts and onshore accounts in accordance with the following provisions:

　　1. When funds are remitted from onshore accounts to offshore accounts the remitting bank should rigorously examine the valid business papers and valid certificates in accordance with the provisions on administration of settlement, sale and payment of exchange and with the provisions on regulation of payment of exchange and cancellation after verification for trade imports, and shall declare this in accordance with the International Payments Statistics Declaration Procedures.

　　2. When funds are remitted from offshore accounts to onshore accounts the remitting bank should rigorously examine the valid business papers and valid certificates in accordance with the provisions on administration of settlement, sale and payment of exchange and with the provisions on administration of cancellation after verification for export revenue, and shall declare this in accordance with the International Payments Statistics Declaration Procedures.

　　Article 27　Limitations on size and time limits on compensation between the cash positions of offshore and onshore accounts shall be appraised and decided by the State Administration of Foreign Exchange. Without approval banks must not exceed the limits set.

　　Article 28　Banks conducting offshore banking should send offshore banking financial reports and statistics reports to the foreign exchange administrations in accordance with the regulations.

　　Article 29　If banks conducting offshore banking discover the following situations the

y should take the initiative in reporting to the foreign exchange administration within one working day and rectify matters in a timely fashion:

　　1. compensation between the cash positions of offshore account and onshore accounts exceeds the amount stipulated;

　　2. major losses in offshore banking operations;

　　3. other important and unusual circumstances in offshore banking; or

　　4. other circumstances the bank believes should be reported.

　　Article 30　Foreign exchange administration shall conduct regular inspections and assessments of banks conducting offshore banking. The inspections and assessments shall cover:

　　1. quality of offshore banking assets;

　　2. offshore banking revenue;

　　3. implementation of internal offshore banking administration, regulation and risk control systems; and

　　4. other circumstances stipulated by the State Administration of Foreign Exchange.

　　PART FOUR　SUPPLEMENTARY PROVISIONS

　　Article 31　Unauthorized conduct of offshore banking and conduct of offshore banking in excess of the limits set without the approval of the State Administration of Foreign Exchange shall be penalized by the foreign exchange administrations in accordance with the provisions of Article 41 of the PRC, Foreign Exchange Control Regulations. Instances that constitute crimes shall be prosecuted in accordance with the law.

　　Article 32　Banks in violation of Article 22 of these Procedures shall be penalized by the foreign exchange administrations in accordance with Article 43 of the PRC, Foreign Exchange Control Regulations.

　　Article 33　Banks in violation of Articles 24 or 27 of these Procedures shall be penalized by the foreign exchange administrations in accordance with Article 44 of the PRC, Foreign Exchange Control Regulations. Instances that constitute crimes shall be prosecuted in accordance with the law.

　　Article 34　Banks in violation of Article 26 of these Procedures shall be penalized by the foreign exchange administrations in accordance with Articles 39, 40 and 48 of the PRC, Foreign Exchange Control Regulations. Instances that constitute crimes shall be prosecuted in accordance with the law.

　　Article 35　Banks in violation of Articles 28 or 29 of these Procedures, or which do not co-operate with the foreign exchanges administrations' inspections and appraisals, shall be penalized by the foreign trade administrations in accordance with Article 49 of the PRC, Foreign Exchange Control Regulations.

　　Article 36　These regulations do not apply to offshore banking conducted by foreign financial institutions.

　　Article 37　The State Administration of Foreign Exchange is responsible for interpreting these Procedures.

　　Article 38　These Procedures shall be effective as of 1 January 1998

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