Dear musicians:

Due to the impact of the war, the bank has been suspending the approval of transfers to Ukraine and other places due to risk considerations. Banks have the right to approve and reject applications for remittances abroad, so we can only actively cooperate, and there are not many conditions for negotiation. In order to resolve this thorny problem, our colleagues in the finance department have been struggling with all levels of the bank for months to find a workable solution.
After several meetings and consultations with departments at all levels, from the sub-branch to the head office, we finally obtained the permission to transfer money to Ukraine and other places, and only a part of the transfer amount. To this end, we need to deposit a large amount of cash in the bank as a credit guarantee, and we have signed various relevant terms and exemption agreements. After a lot of work and by our colleagues, we have finally achieved positive progress, and the results are hard-won.

Since the bank has accumulated a lot of applications in the past six months, if a large amount of commission is paid at one time, the bank thinks that is too risky, and because of the monthly transfer limit, we can only gradually pay the commission of each producer in batches. We will give priority to producers with large commissions and good communication in the early stage to make payments in batches, because the bank needs to assess the risk. In order to ensure that this payment channel will not be closed again, the bank should minimize the risk. If the money is lost again, it is not only necessary for us to recover it but also for the cooperation of the producer.

At the beginning of the war, we tried to transfer money to the author in Ukraine, but the commission was stuck in the intermediary bank for a long time, which directly prevented the author from receiving the money, and we were unable to recover the commission, which directly led to the loss of the producer’s money.

Here is an important statement to draw your attention: Given that the war is still not over, the banks are telling us that there is still a great risk in sending money to war zones. Therefore, after we transfer the commission, if the money is seized by the intermediary bank, please make sure to communicate with the local bank to ask for the money in time, and closely track the progress of the payment. If necessary, we can provide a record of transfer as proof.

As the largest commercial music copyright platform in China, 100Audio fully protects the rights and interests of law-abiding musicians, ensures that producers can receive commissions legally and compliantly, and avoids tax problems and various risks caused by the use of illegal platforms. The good development of the platform requires every producer to maintain it together with us. Only in this way will the entire copyrighted music platform get better and better. We believe that the war will end and the future will be full of hope.

The following link is a list of US sanctions against Russian and Belarusian banks and corporate institutions. You can check whether your bank is on this list.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220224