Administration of the Payment and Settlement Services Involved in the “Three-in-One License” Registration System Reform

 2018-06-14  3


Notice of the Shanghai Branch of the People's Bank of China on Forwarding the Notice of the People's Bank of China and the State Administration for Industry and Commerce on Matters concerning the Administration of the Payment and Settlement Services Involved in the “Three-in-One License” Registration System Reform


· Document Number:No. 26 [2016] of the Shanghai Branch of the People's Bank of China

· Area of Law: Banking & Finance

· Level of Authority: Local Regulatory Documents

· Date issued:01-27-2016

· Effective Date:01-27-2016

· Status: Effective

· Issuing Authority: People's Bank of China, Shanghai Branch

 

Notice of the Shanghai Branch of the People's Bank of China on Forwarding the Notice of the People's Bank of China and the State Administration for Industry and Commerce on Matters concerning the Administration of the Payment and Settlement Services Involved in the “Three-in-One License” Registration System Reform
(No. 26 [2016] of the Shanghai Branch of the People's Bank of China)
Shanghai branches and SHFTZ branches of China Development Bank, all policy banks, state-owned commercial banks, joint-stock commercial banks, and Postal Savings Bank of China; Bank of Shanghai; Shanghai Rural Commercial Bank; Shanghai branches of other incorporated banks; all village banks in Shanghai; all foreign-funded banks in Shanghai engaged in the RMB business; and all finance companies in Shanghai:
The Notice of the People's Bank of China and the State Administration for Industry and Commerce on Matters concerning the Administration of the Payment and Settlement Services Involved in the “Three-in-One License” Registration System Reform (No. 401 [2015], PBC, see the Annex) is hereby forwarded to you for your compliance and implementation, and you are hereby additionally notified of the relevant matters as follows:
I. When an enterprise, a farmers' specialized cooperative, a government agency, a public institution, a social organization, or any other legally formed institution that has been granted a unified social credit code (hereinafter collectively referred to as the “depositors”) receives bank account services, a banking financial institution in Shanghai (hereinafter referred to as the “bank”) shall require the depositor to provide supporting documents bearing its unified social credit code, but no longer require the depositor to provide its tax registration certificate and organization code certificate. When information is entered into the RMB bank settlement account management system, the bank shall enter the 18-digit unified social credit code into the field of “Serial Number of Supporting Document,” and enter the entity identification code which is the 9-17th digits of the unified social credit code into the “organization code” field; if the depositor is a tax payer engaging in production or distribution activity, the bank shall enter the 18-digit unified social credit code in the fields of “Serial Number of Registration Certificate for State Taxation” and “Serial Number of Registration Certificate for Local Taxation.”
II. When a depositor that has not been granted the unified social credit code receives bank account services, if the depositor holds a valid organization code certificate, the bank may require the depositor to provide the organization code certificate; or if the depositor does not hold an organization code certificate or the organization code certificate held by the depositor is invalid, the depositor need not provide the organization code certificate.
III. Where, in handling the cancellation of the basic deposit account of a depositor, the bank finds through verification any inconsistency between the retained account opening information and information in the RMB bank settlement account management system and the information in the depositor's current supporting documents for account opening, the bank may submit modification application materials and account cancellation application materials together to the PBC Shanghai Branch for confirmation.
IV. Where, in conducting the annual inspection of an entity's bank accounts, the bank finds through verification any inconsistency between the retained account opening information and information in the RMB bank settlement account management system and the information in the depositor's current supporting documents for account opening, the bank shall notify the depositor that it may pass the annual inspection only after modification of the relevant information.
V. The bank shall, in a timely manner, forward this Notice to all branch offices under its management, effectively conduct service training and publicity, accurately answer clients' questions, and avoid inconvenience to clients receiving payment and settlement services caused by certificate and license problems. The bank shall pay close attention to the work on promoting the unified social credit code and the requirements of the relevant rules of all registration administrative departments, adjust its business flow and business systems in a timely manner, and effectively apply the unified social credit code in the field of payment and settlement services.
Please contact the PBC Shanghai Branch in a timely manner if you encounter any problem in implementation. Contact persons: Su Ming, Zheng Jingjing, Zhao Yi; Tel: 58845543, 58845811, 58845835.
Annex: Notice of the People's Bank of China and the State Administration for Industry and Commerce on Matters concerning the Administration of the Payment and Settlement Services Involved in the “Three in One License” Registration System Reform (Omitted)
Shanghai Branch of the People's Bank of China
January 27, 2016