Safe steps up scrutiny of outbound FX payments for trade
China puts outbound trade payments under the microscope in bid to tackle illegal foreign exchange transactions. For treasurers, it means more work to comply and big risks for those that fail to do so.
As part of its broader fight against illegitimate transactions in which firms use cooked trades to move money out of the country, Chinese regulators have asked banks to conduct more stringent checks on trade documents.
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