发布:2017-09-15 12:25 来源: 《中国外汇》第15期 作者:国家外汇管理局管理检查司



A Case Study on Illegal Trade Financing


Trade financing has at times been used to violate foreign exchange control regulations. Such irregularities have led to losses of foreign exchange and had an impact on the reliability of official financial and economic data. The following article looks at one such case of irregularities related to trade credit. It examines the role of one bank -- to be referred to only as Bank A -- and how it eschewed its obligations as a gatekeeper and assisted domestic companies in improper activities.


Case Analysis


According to the requirements of the State Administration of Foreign Exchange on the special measures to strengthen internal controls and external supervision and restrain illegal activities,the SAFE Weifang branch conducted an off-site analysis of Bank A's foreign exchange business data. It discovered that the bank's trade financing business increased dramatically in 2014. Later it selected several enterprises and made a comparison of their export earnings,export declarations,export settlements and trade financing data. Inspections were conducted for those with a significant upturn in trade financing business. Through this inspection,it determined that Bank A failed to make a reasonable effort in verifying the authenticity of trade documents in four questionable transactions that had a value of US$38.65 million. The SAFE Weifang branch inspected four enterprises suspected of making false customs declarations and submitting other falsified documents. 




In 2014,Bank A's Weifang branch had export bill purchases linked to four companies and amounting to US$38.65 million. In 12 instances,export declarations were altered. For example,on June 13,2014,there was one export bill purchase on behalf of Enterprise A amounting to US$20 million. There were two export declarations selected for audit. One declaration showed a stated amount of US$12.8 million worth of goods,but the actual transaction amount turned out to be US$11,000. Another declaration was for US$12.2 million,but the actual was US$36,900.


Legitimate Underlying Transaction


The above activities violated the provisions of Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Control which state that foreign exchange earnings and expenditures should have a legitimate underlying transaction. Financial institutions conducting foreign exchange settlements and sales need to verify the authenticity of the underlying transaction and make an effort to determine that foreign exchange income and expenditures are reasonable. In this instance,the companies involved violated the provisions of Article 2 of the Notice on Issues Concerning the Improvement of the Foreign Exchange Control of Banking Trade Financing Business from the State Administration of Foreign Exchange (SAFE [2013],No 44) which states that banks need to understand their clients,verify the authenticity of a transaction and ensure that trade financing conforms with actual transaction amounts. Article 4 of the Guidelines for the Administration of Foreign Exchange in Trade in Goods (SAFE [2012],No 38 ) states that financial institutions conducting foreign exchange settlements and sales must verify the authenticity of the import and export transaction documents submitted by the enterprises. In this case,the bank in question did not make a reasonable effort to assess the foreign exchange earnings and expenditures of the enterprises in question. The bank failed to verify the transaction documents and ensure the foreign exchange income and expenditures were reasonably consistent with past amounts.

根据《中华人民共和国外汇管理条例》第四十七条关于“金融机构有下列情形之一的,由外汇管理机关责令限期改正,没收违法所得,并处20万元以上100万元以下的罚款;情节严重或者逾期不改正的,由外汇管理机关责令停止经营相关业务: (一)办理经常项目资金收付,未对交易单证的真实性及其与外汇收支的一致性进行合理审查的……”的规定,潍坊中支对ZX银行潍坊分行处以36万元罚款。

Article 47 of the Regulations on the Administration of Foreign Exchange of the People's Republic of China states that in such cases foreign exchange administration authorities should order companies involved in such infractions to correct their documentation. Additionally,illegal gains can be confiscated and a fine of 200,000 yuan to one million yuan can be imposed. In serious cases,foreign exchange authorities can order a bank to cease its operations in a certain area of business. In this case,the SAFE Weifang branch imposed a fine of 360,000 yuan on Bank A's Weifang branch.

同时,潍坊中支还根据《中华人民共和国外汇管理条例》第四十八条关于“有下列情形之一的,由外汇管理机关责令改正,给予警告,对机构可以处30 万元以下的罚款,对个人可以处5 万元以下的罚款:……(三)未按照规定提交有效单证或者提交的单证不真实的”的规定,对涉嫌提供虚假出口报关单的4家企业分别处以了10至30万元的罚款。

Additionally,Article 48 of the Regulations on the Administration of Foreign Exchange of the People's Republic of China states that foreign exchange authorities can issue warnings and impose a fine of not more than 300,000 yuan on enterprises and not more than 50,000 yuan on any individual for the submission of false documents. SAFE's Weifang branch imposed fines of 100,000 yuan to 300,000 yuan on the four enterprises which submitted false customs declarations.


Management Issues


The above case showed the necessity for strengthened management of the three general principles of business development for financial institutions.


First,this case demonstrated there is a need for tighter internal self-discipline at some of the nation's banks. Banks need an internal management system and business operation process suitable to their own characteristics. It must be capable of recognizing risks while integrating development principles. Banks must also establish an effective supervision and review mechanism that can assess customer identity verification efforts and risk reviews. Bank departments must step up the sharing of information related to customer transactions,customer management and credit ratings in order to boost internal discipline and conform with general business development principles.


Second,there is a need for upgraded internal supervision and training. Banks should formulate internal guidelines to strengthen guidance for their branch operations to achieve stricter management and supervision,achieve a clear division of responsibilities and perfect their systems of control.

三是要进一步加强贸易融资业务的监管。要加强对贸易融资业务的非现场监测。通过货物贸易系统、日常报表等渠道及时掌握辖区银行对企业贸易融资的增减变化情况,建立和完善风控制度,对出现异常波动的企业及时进行调查、求证,加强异常数据的比对,管控融资风险。Third,there is a need for strengthened regulatory supervision of trade finance business. Off-site monitoring of trade finance operations needs to be improved. Daily reports on payments and the trade in goods can help authorities gain a better picture of changes in the volume of enterprise trade financing by banks within their jurisdiction. There is also a need for improved risk controls that allow inspections to assess abnormal fluctuations in enterprise financing in a timely manner.

国家外汇管理局管理检查司 供稿

This article was written by the Supervision and Inspection Department of the State Administration of Foreign Exchange