Article Content
Chapter 4 Requirements for Dedicated Deposit Account Banks
| Article 31 | A managing bank shall manage the deposit, transfer, drawing on and utilization of funds received from users according to the following provisions:
1. On every banking day, check the consistency and reasonableness of balance of all dedicated deposit accounts and total balance of funds received from users and retain the checking records; if any abnormality is found, conduct necessary investigation and take necessary actions;
2. On every banking day, check to see whether the balance of funds received/paid as an agent and that of stored value funds comply with the provisions of Article 19 and Article 21 herein;
3. Check the document presented by the specialized electronic payment institution that it has declared trust funds received from users in full or obtained full performance guarantee therefor from a bank in accordance with Paragraph 1, Article 21 of the Act;
4. Check to see whether the specialized electronic payment institution utilizes the funds received from users in accordance with Paragraph 2, Article 22 of the Act and by the percentages stipulated by the competent authority;
5. Check to see whether the specialized electronic payment institution has made up the shortfall in accordance with Article 23 herein;
6. Check to see whether the deposit of interest or other income earned from the utilization of funds received from users into the income set-aside account by the specialized electronic payment institution complies with Article 24 herein; and
7. Compile and check the balance and relevant data of all dedicated deposit accounts every quarter, and submit a report thereon to the competent authority for reference within fifteen days after the end of every quarter. |
| Article 32 | A cooperative bank shall manage the deposit, transfer, drawing on and utilization of funds received from users according to the following provisions:
1. On each banking day, provide the balance of the cooperative account at 23:59:59 to the managing bank;
2. Provide detailed information on deposits in the cooperative account to the managing bank if so requested by the managing bank; and
3. Provide information on the interest or fees associated with the cooperative account to the managing bank. |
| Article 33 | A clearing bank shall manage the deposit, transfer, drawing on and utilization of funds received from users according to the following provisions:
1. On each banking day, provide the balance of the clearing account at 23:59:59 to the managing bank;
2. Provide detailed information on deposits in the clearing account to the managing bank if so requested by the managing bank; and
3. Provide information on the interest or fees associated with the clearing account to the managing bank. |
| Article 34 | Dedicated deposit account banks shall retain information provided in the three preceding articles for at least five years. |
| Article 35 | A dedicated deposit account bank shall promptly inform the competent authority upon discovering a violation of these Regulations by a specialized electronic payment institution.
Where a dedicated deposit account bank receives a watch-listed account report, it shall exercise due diligence and verification obligations. Where such reported watch-listed account is found and verified as a dedicated deposit account of a specialized electronic payment institution, the dedicated deposit account bank must notified the specialized electronic payment institution immediately. |