Those who are on the blacklist will be deprived of their exchange quota for two years, which is US$100,000.
The foreign exchange bureau implements "watch list" (blacklist) management for individuals who evade quota and authenticity management:
1. The foreign exchange bureau will impose a "watch list" (blacklist) on individuals who lend their own quota to help others evade the quota. , the bank will provide risk reminders through the "Personal Foreign Exchange Business Risk Warning Letter". If the above-mentioned individual again lends his own quota to help others avoid the quota, the Foreign Exchange Administration will put him on the "watch list."
2. The foreign exchange bureau will put individuals on the "Watch List" for management who evade the quota by borrowing quotas from others, and notify them through the bank through the "Personal Foreign Exchange Business "Watch List" Notification":
3. The "Watch List" period is the year of inclusion in the "Watch List" and two consecutive years thereafter. Individuals on the watch list may be listed on the "blacklist". Once on the blacklist, they will not be able to exchange currency for 2 years.
Extended information
In order to prevent more capital outflows, the State Administration of Foreign Exchange of China issued new regulations defining the currency exchange behavior known as "ant relocation" and stated that it will be implemented Individuals who engage in this behavior may be blacklisted and have their USD 100,000 exchange quota canceled for two years.
However, at the end of 2016, the State Administration of Foreign Exchange began to strictly investigate the "Ant Moving" style of exchange. If you are blacklisted, you will be deprived of the US$100,000 exchange quota for two years.
The following three types all belong to Ant Moving:
1. The same person withdraws foreign currency of US$10,000 or more from the same foreign exchange savings account more than 5 times within 7 days;
2. The same person transfers the deposits in his foreign exchange savings account to the accounts of more than 5 immediate relatives;
3. 5 or more different people, on the same day/next day/consecutive multiple After purchasing foreign exchange separately on each day, transfer the foreign exchange to the same person or institution abroad;
Baidu Encyclopedia - State Administration of Foreign Exchange of the People's Republic of China