Regulations Governing Foreign Exchange Business of Banking Enterprises Article 23

(Application for Conducting Foreign Exchange Business by Non-authorized Banks)Banking enterprises other than authorized banks that apply to the Bank for approval to engage in purchase and sale of foreign currency cash and traveler's checks shall proceed according to the following rules:1.For domestic banks and their branches or for foreign banks, their head office or Taipei branch shall submit a written application together with a photocopy of its business license (or a photocopy of establishment approval letter issued by the competent authority) and the curricula vitae of operations and auditing personnel.2.For credit cooperatives (head office or branches), the head office shall submit a written application together with a photocopy of the credit cooperative's business license, the curricula vitae of the operations and auditing personnel, the balance sheet and statement of comprehensive income of the preceding fiscal year, and documents evidencing whether the credit cooperative has been subject to any sanctions for violation of financial regulations in the past year.3.For the credit departments of farmers' or fishermen's associations and their branches, the farmers' or fishermen's association shall submit a written application along with a photocopy of the approval certificate and curricula vitae of operations and auditing personnel to be reviewed and approved by the Ministry of Agriculture before the application is forwarded to the Bank for approval.4.For Chunghwa Post and its post offices, Chunghwa Post's head office shall submit a written application along with a photocopy of the FSC's letter of approval (for post offices established after January 1, 2003), and curricula vitae of operations and auditing personnel to the Bank for approval.The provisions of Paragraph 2 of Article 11 herein shall apply mutatis mutandis to the qualifications of operations and auditing personnel handling the business mentioned in the preceding paragraph.The provisions of Subparagraph 4, Paragraph 1 hereof shall apply mutatis mutandis to the approval process for outward and inward remittance business of Chunghwa Post and its post offices, and the provisions of Paragraph 1 of Article 11 herein shall apply to the qualifications of their operations and auditing personnel.