Again! A Great Deal of Bank Accounts Shut Down for This Reason!
Everyone doing trade business in China is recently talking about one thing – frozen bank accounts.
“My bank account was frozen without any explanation! What am I going to do?”
WHY BE FROZEN?
Many people love to collect money via their individual bank accounts and don’t care about where the money comes from, which may be suspicious.
So once your money comes from underground banks, your individual account is definitely considered as law violations and even be related to the crime.
Actually, China has implemented strict measures to investigate some foreign exchange transactions on suspected illegal activities and combat money laundering years ago.
WHEN BE CHECKED?
From January 1st of this year, individuals with more than than 50,000 RMB transactions each day and more than 200,000 RMB transfers each day will be strictly investigated.
We’ve posted an article about relevant policies, please click here to read more.
Your account will be checked with these transactions:
In May, the Sate Administration of Foreign Exchange issued Circular of the State Administration of Foreign Exchange on Cases Involving Violations of Foreign Exchange Regulations.
Please check the following website to know more about the 17 cases.
WHAT COMES NEXT
For those who work in trade business, the main reason that their bank accounts get frozen is using an illegal way to exchange money.
However, small and medium-sized foreign trade enterprises mainly rely on the purchase of orders, and through the black market agents to change the US dollar to RMB to purchase in China.
This mode of trade is the target of the bank’s key monitoring and leads to a series of problems.
Here’s a brief that what may come if your current way of money exchange is illegal.
The key is that there is no problem with your funds, because you have to deal with the accounts of the black market agents, you have to bear these consequences and take a risk.
HOW TO UNFREEZE?
If your bank account is suspected as illegal activity, all you have to do is waiting.
During the investigation, police will check the source of your money. As long as your money is clean, not involved in any crime or illegal activity, they will unfreeze your bank account.
|RMB With These Numbers Are All Fake! Pay Attention!|