Overseas use of domestic bank cards to be monitored

Updated 2017-08-07 10:07:19 Global Times

Starting from September 1, all banks are required to submit cross-border transactions made with cards to the State Administration of Foreign Exchange (SAFE), according to a media report. Experts assure there's no actions required by consumers.

According to the Beijing Youth Daily on Sunday, the SAFE published a circular on reporting overseas bank card transactions in early June.

Experts said this is part of a wider array of measures to fight money laundering and terrorism financing.

To improve the statistics on and to monitor the propriety of overseas bank card transactions, all domestic card-issuing financial institutions shall report information on all overseas withdrawals and single deals worth more than 1,000 yuan (0) via domestic bank cards.

Statistics show that the total amount of overseas bank card transactions by individuals surpassed 0 billion in 2016, the report said.

Liu Jian, a senior research fellow at the Bank of Communications, said that consumers have nothing to worry about as this is a backend operation by financial institutions.

"Data collection might provide a solid foundation for new technologies such as big data," Liu noted.

"With the support of big data, analytics results will be more accurate regarding questionable transactions."

Tan Xiaofen, vice director of the International Finance Research Center at the Beijing-based Central University of Finance and Economics, told the Global Times on Sunday that the measure aims to track repeated overseas transactions to verify they represent real deals. The tracking systems might facilitate an ongoing anti-corruption drive, Tan said.

In recent years, some enterprises have been attempting to issue domestic bank cards under employees' names for asset transfer, Tan said, adding this regulation will help identify asset transfer intentions.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 16 2017 05:55:17

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 16 2017 05:55:17

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 16 2017 05:55:17

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords