• A single or cumulative transaction of more than RMB 50,000 (including 50,000 yuan), foreign currency equivalent of more than 10,000 US dollars (including 10,000 US dollars) of cash receipts and payments within a day.

  
  

• Company transfers the amount of more than RMB 2 million (including RMB 2 million) and foreign currency equivalent of more than USD 200,000 (including USD 200,000) from the company account to other accounts within a day.

  
  

• Domestic transfer from your personal bank account to another account on a single or cumulative transaction of more than RMB 500,000 (including RMB 500,000) and foreign currency equivalent of more than USD 100,000 (including USD 100,000) within a day.

  
  

• Cross-border transfers from your personal bank account to another account on a single or cumulative transaction of more than RMB 200,000 (including RMB 200,000) and foreign currency equivalent of  more than USD 10,000 (including USD 10,000) within a day.

All the above transactions will be monitored by the bank. In fact, the bank has been monitoring the large-value transactions for awhile. 80% of the national economy in China currently are private enterprises. 

Most of these small and micro-size enterprises receive payments through individual accounts, so these transactions are hard to be detected by the government before. 

After learning from all parties, the bank is currently only focusing on key monitoring related to criminal activities such as money laundering, terrorist financing, and fraud.

© Image | HK.ON.CC

For a variety of reasons, small and medium-sized foreign trade enterprises mainly rely on the purchase of orders, and through the black market agents to change the US dollar to RMB to purchase in China. This mode of trade is the target of the bank's key monitoring and leads to a series of problems.

• Black market agents received a lot of money from different channels, often quickly transferred in and out, unable to provide any receipt, and became the key monitoring objects of the bank.

  
  

• It usually happens that a black market account is frozen because of unknown source of funds, money laundering, terrorist financing, fraud or etc, all other accounts that have been in contact with this account in a certain period will be frozen. 

  
  

• If your funds have been frozen, they can not be used for half a year or even longer. What's worse, funds will be even confiscated. 

  
  

• If the circumstances are serious, it will be required to cooperate with government departments to investigate and influence the entry/exit of Hong Kong or the mainland.

So please avoid transactions with these illegal accounts!

Many foreigners doing business in China will choose to exchange foreign currency in the black market because the factories can't not provide Fapiao (Chinese invoices) and there is no way to export the goods overseas. For this reason, the government promoted market purchase in Yiwu in 2016.

In order to solve the legality of export without invoice, HACOS also obtained the first batch of pilot enterprise qualifications in Guangzhou in 2017. In 2018, more than 100 Chinese and foreign customers purchased and exported through this mode. 

At the same time, we also assisted foreign investors to settle foreign exchanges with more than 16 million US dollars. The clients no longer have to worry about their funds being frozen. In 2018, we held five lectures on Market Purchase, which enabled more and more people to enjoy the convenience of the new mode.

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