Withdrawal Approval Guide

About this page

What: What Operations needs to check, how to act, and how to handle common blockers at each step of the three-step withdrawal approval Audience: Operations staff responsible for withdrawal review Prerequisites: Withdrawal Lifecycle -- understand the three-step approval flow first Reading time: 3 minutes Owner: Withdrawal Operations Lead

Key takeaway: Withdrawal approval has three steps (Audit -> Confirm -> Remittance), each covering different dimensions. The most common blocker is method=null at the Confirm step -- the system cannot automatically select a channel, requiring manual selection.

Function	CRM Path	Description
Withdrawal task list	Withdrawal Management -> Withdrawal Tasks	View all withdrawal tasks; filter by step / status / template
Audit pending review	Withdrawal Management -> Withdrawal Tasks -> Filter step=Audit	View only tasks requiring high-risk review
Confirm pending	Withdrawal Management -> Withdrawal Tasks -> Filter step=Confirm	View only tasks requiring channel confirmation
Remittance pending	Withdrawal Management -> Withdrawal Tasks -> Filter step=Remittance	View only tasks requiring transfer execution
Auto-withdrawal settings	Withdrawal Management -> Auto-Withdrawal Settings	View / modify `auto_settings` (BST bank-securities)

Approval Flow at a Glance

Each withdrawal goes through up to three steps: Audit -> Confirm -> Remittance

Step	When is manual action needed	Permission	Target SLA
Audit	Only for `unusual` templates (abnormal withdrawals)	`PERMISSION_CASH_TASKS_OUT_AUDIT`	2 hours
Confirm	When `method = null` or bank card info needs confirmation	`PERMISSION_CASH_TASKS_OUT_CONFIRM`	30 minutes
Remittance	When not all 6 auto-withdrawal conditions are met	`PERMISSION_CASH_TASKS_OUT_REMIT`	30 minutes

Most normal withdrawals use the default template (no Audit). When all auto-withdrawal conditions are met for the BST channel, Remittance also executes automatically -- Operations only needs to handle exceptions.

Runbook format

Each approval step below is organized in Runbook format: Trigger -> Checklist -> Action -> Verification.

Daily Withdrawal Processing Timeline

Time	Event	Description
08:30	System auto-moves tasks to processing	Tasks submitted after 11:00 the previous day ("next-day processing") are automatically moved to "Processing"
08:30~11:00	Same-day batch processing window	Process the current batch (previous day 11:01 ~ today 10:59 submissions)
11:00	Batch cutoff	Tasks submitted after 11:00 go into the next-day batch
After 11:00	Export transfer files	Export transfer files by withdrawal method
After 11:00	Upload to online banking	Upload transfer files to each bank's corporate online banking
After upload	Dual-authorization approval	Two authorized signers approve the transfer separately in online banking (see details below)
After bank confirmation	Mark as processed	After confirming the bank has completed the transfer / cheque deposit, mark the day's withdrawal tasks as "Processed" in CRM
15:55	BST cutoff	BST bank-securities transfer daily cutoff; irreversible
Afternoon	Cheque deposit	Cheques are deposited at bank branches by staff in the afternoon

Important restrictions

Withdrawals are not supported to: third-party platforms, credit cards, or e-wallets (Alipay, WeChat Pay, etc.)
Withdrawals may only be sent to the client's own bank account (including joint accounts in the client's name)

Dual-authorization approval instructions

Flow: Transfer file successfully imported into online banking -> First authorized signer approves -> Second authorized signer approves -> Transfer takes effect.

When an authorized signer is absent: Dual authorization is a hard requirement from the bank and cannot be completed by a single person. If an authorized signer is unavailable on a given day:

Arrange a backup authorized signer in advance (must already have online banking approval rights set up with the bank)
If no backup is available, that bank's withdrawal batch will be delayed until the next business day when both authorized signers are present
Urgent withdrawals (e.g., client has a time-sensitive requirement) must be escalated to the Withdrawal Operations Lead for coordination

Step 1: Audit (High-Risk Review)

Trigger

The system defines 6 approval templates; only those with the unusual suffix include Audit:

Template	Applicable scenario	Has Audit?
`default`	Normal withdrawal	No
`unusual`	Normal account, abnormal withdrawal	Yes
`omnibus`	OM account, normal withdrawal	No
`om_unusual`	OM account, abnormal withdrawal	Yes
`fund`	Fund redemption withdrawal	No
`fund_unusual`	Fund redemption, abnormal withdrawal	Yes

Assessment

User account status -- Any abnormal flags or freeze records
Withdrawal destination -- Is the receiving bank card in the client's own name? Is it in a high-risk region?
Amount reasonableness -- Is it proportionate to account asset size?
Historical behavior -- Any pattern of frequent large withdrawals?

Action

Approve -> Click NEXT; the task advances to the Confirm step
Reject -> Select a rejection reason; notify the user

Step 2: Confirm (Instruction Confirmation)

All withdrawals pass through this step

The core task at Confirm is to determine "which channel the funds go out through."

Checklist

Bank Card status -- Is the linked bank card valid and not expired?
Withdrawal method -- Is the method field set?
- Already set (e.g., auto_bs, ebank) -> Verify it is appropriate
- method = null -> Operations must manually select a channel (this is the most common reason Confirm gets stuck)
BST channel additional validation -- If this is a bank-securities withdrawal, verify the Mandate status is OPEN
- Mandate is not OPEN -> Do not approve; guide the user to complete bank-securities authorization first

How to select a channel when method = null

When a task's method field is null, Operations must manually select a channel at the Confirm step. Decision logic:

Channel selection quick-reference (the selectable channel list in the CRM Confirm step comes from allSetMethod):

User's Bank Card	Recommended Channel	Channel Key	Fee	Estimated SLA	Applicable Scenario
BOC	BOC FPS	`boc_fps`	Free	~10 min	HKD preferred via FPS, amount < 1M
BOC	BOC same-bank	`boc`	Free	Hours	USD/CNH, or HKD >= 1M
HSBC	HSBC E-Banking	`hsbc`	Free	~30 min	HKD/USD/CNH same-bank transfer
Hang Seng	Hang Seng E-Banking	`hase`	Free	~30 min	HKD/USD/CNH same-bank transfer
SCB	SCB FPS	`sc`	Free	~10 min	Local HKD/CNH < 1M
CGB	CGB FPS	`cgb_fps_api`	Free	~10 min	Local HKD/CNH < 1M
ICBC	ICBC manual	`manual`	Free	Hours	HKD only; manually processed by Operations
CMB / CMBC / Airstar	BST Bank-Securities	`auto_bs`	Free	Minutes	Requires Mandate=OPEN; fastest channel
Overseas (BOC coverage)	Cross-border T/T	`tele_transfer`	Bank-dependent	2~3 days	Cross-border withdrawal
Overseas (EWB)	EWB T/T	`ewb`	Bank-dependent	2~3 days	Cross-border withdrawal (EWB coverage area)
Special cases	CHATS/RTGS	`chats_rtgs`	HKD/CNY 25 or USD 8	Hours	Local cross-bank large-value or virtual bank USD
Special cases	Cheque	`check`	Free	3~5 days	Rarely used; when no other channel qualifies

SCB same-bank channel

The CRM channel list shows an "SCB same-bank" option, but this channel is not yet enabled. SCB withdrawals currently go through FPS (sc); do not select SCB same-bank.

Action

All confirmed -> Click NEXT; the task advances to the Remittance step
Confirm does not execute the transfer -- the actual transfer happens at the Remittance step

Step 3: Remittance (Fund Disbursement)

Automatic vs. Manual

For the BST channel, the system checks 6 conditions. If all are met, it automatically calls startTransfer():

#	Condition	When not met
1	Channel is `auto_bs` (bank-securities)	Non-BST channels can only be processed manually
2	Auto-withdrawal switch is enabled	Check the `auto_settings` table
3	Request is within business hours	Off-hours tasks are queued; auto-executed the next business day
4	Amount does not exceed limits (Airstar HKD <= 3M / USD <= 500K)	Large amounts require manual confirmation
5	User's withdrawal count for the day <= 10	Exceeding frequency requires manual confirmation
6	User's available balance >= withdrawal amount	Insufficient balance; notify the user

Manual Trigger Scenarios

When not all conditions are met, Operations confirms there is no risk and clicks "Execute Transfer" to manually trigger startTransfer().

Note: Once executed, funds are frozen and the bank instruction is sent -- the operation is irreversible (can only be reversed after the fact).

Post-Manual-Trigger Verification

After executing startTransfer(), confirm the following:

#	Verification Item	Expected Result
1	Task status	Updated to "Completed" or "Processing" (awaiting bank callback)
2	Fund freeze	Withdrawal amount has been frozen from available balance
3	Bank instruction	Sent to the bank (check task log)
4	User notification	"Withdrawal in progress" notification sent

Six Withdrawal Methods Runbook

1. Bank-Securities Transfer (BST)

Dimension	Description
Supported banks	CMB (HKD/USD), CMBC (HKD/USD)
Cutoff time	Same day 15:55; irreversible
Large-amount rules	HKD >= 3M / USD >= 500K: requires two withdrawal staff to click "Process," and accounting must be notified to monitor account balance
Steps	Confirm sufficient balance in the bank-securities account -> Batch process -> Funds are transferred out of the bank-securities account immediately

Large BST withdrawals

When processing large BST withdrawals, two withdrawal staff members must confirm separately, and the accounting team must be notified simultaneously to monitor balance changes in the bank-securities account.

2. Same-Bank Transfer

Dimension	Description
Supported receiving banks	ICBC (HKD only), BOC, Hang Seng (HASE), HSBC (HKD/USD/CNH)
Verification key points	Client name and account number must match the account-opening credentials
Information mismatch	Reject the task with reason; ask the client to provide correct information
Bank return	Reject the withdrawal instruction based on the bank's return reason

3. FPS

Dimension	Description
Scope	Local bank accounts other than ICBC / BOC / Hang Seng / HSBC
Supported currencies	HKD and CNH, amount < 1M
Channel	Via BOC FPS
Verification key points	Client name and account number must match credentials

4. Cheque

Dimension	Description
Scope	Tasks that do not qualify for same-bank transfer or FPS: HKD/CNH >= 1M; non-BOC/Hang Seng/HSBC USD withdrawals
Signature requirement	After printing, two authorized signers must sign
Deposit method	Staff deposit cheques at respective bank branches in the afternoon
Incorrect client info	Reject based on the bank's return reason

5. CHATS / RTGS

Dimension	Description
Virtual bank USD	Virtual banks do not support USD cheque deposit -> Use CHATS/RTGS; fee: USD 8
HKD/CNH >= 1M	FPS does not support amounts over 1M -> Use CHATS/RTGS; fee: HKD/CNY 25
Client confirmation	System pop-up informs the client of the fee; client must enter the trading password to confirm

6. Cross-Border Telegraphic Transfer (T/T)

Dimension	Description
Scope	Cross-border withdrawal tasks
NSS screening	Every cross-border withdrawal must pass NSS (Name Screening System) check on the beneficiary name
Action	After authentication, click "Batch Process" -> Task enters the cross-border T/T processing queue
Verification	Client name and account number must match credentials

High-Risk Approval Flows

The system imposes additional approval requirements for high-risk clients and high-risk regions.

High-Risk Client Deposits

Step	Description
System processing	High-risk client deposits are processed automatically by the system (non-blocking)
End-of-day notification	Daily at 16:00, the deposit/withdrawal team is notified via email / Feishu
Operations action	Staff register the entry in the "Deposit/Withdrawal Team Third-Party, Joint, High-Risk Table" (Feishu cloud doc)
Monthly spot check	Monthly spot check of suspicious client transaction records

High-Risk Client Withdrawals

Step	Description
Operations action	Staff first register in the Feishu spreadsheet, then approve the withdrawal
Monthly spot check	Monthly spot check of suspicious client transaction records

High-Risk Region Deposits

A secondary review is required before deposit approval -- proactively contact the client with the following questions:

Client inquiry template

"Dear client, because the bank card you added requires special approval, please answer the following questions:

Why are you depositing / withdrawing from [relevant region]?
Has your address moved to [relevant region]? (If yes, please update your address in CRM)
Is this a one-time transaction, or will you continue to deposit / withdraw from [relevant region]?"

High-Risk Region Withdrawals

Step	Description
Before new bank card approval	The client must first be asked using the template above
Registration	Register in the Feishu spreadsheet
Monthly spot check	Spot check suspicious client transaction records

Handling Unsatisfactory Client Responses

After contacting the client, Operations must assess whether the response is reasonable:

Client Response	Assessment	Next Step
Clear, reasonable explanation	Pass	Register and proceed with normal approval
Vague answer but no obvious suspicion	Uncertain	Escalate to Risk Control & Compliance team for a go/no-go decision; Operations must not approve independently
Clearly suspicious (refuses to answer, contradictions)	Reject	Suspend approval + escalate to Risk Control & Compliance team + document detailed communication

Key principle

Operations staff must not approve high-risk transactions on their own when uncertain. It is better to escalate than to mistakenly approve -- the consequences of a compliance issue far outweigh a processing delay.

Monthly Spot-Check Process

Step	Details
1. Pull data	Extract transaction records for high-risk clients / high-risk regions
2. Line-by-line review	Confirm client behavior is consistent with declarations; check for abnormal transaction behavior from the high-risk month to the review date; check for abnormal deposit/withdrawal behavior
3. Team review	Team members review and document; team lead performs secondary review
4. Escalation	If suspicious activity is found, escalate to the Compliance team

Highly suspicious indicators:

Client deposit amount significantly deviates from declared assets
Frequent deposits/withdrawals in a short period with no trading activity

Maximum Withdrawable Amount Calculation

The maximum amount a client can withdraw is the minimum of the following three values:

Metric	Source	Description
Real-time net assets	Settlement system	Includes unsettled amounts
Minimum equity value (Min_ELV)	Risk Control system	Minimum net asset value calculated by Risk Control
Maximum credit limit	Risk Control system	Maximum credit line for margin accounts

Formula: Max Withdrawable = MIN(Real-time Net Assets, Min_ELV, Max Credit Limit)

Large Withdrawal Thresholds and Service Hours

Airstar BST Large-Amount Thresholds

Airstar withdrawals exceeding the following thresholds follow a non-automatic flow:

Currency	Large-Amount Threshold
HKD	8M
USD	2M
RMB	8M

Airstar BST Service Hours (Full-Day Market)

Margin accounts:

Time Window	Auto-Withdrawal	Large Amount	Estimated Arrival
Trading day 09:00~10:55	Auto	--	Same day, within 5 min
Trading day 09:00~10:55	Non-auto	> threshold	Next day before 15:55
Trading day 09:00~10:55	Non-auto	<= threshold	Same day before 15:55
Other times	Auto	--	Next day before 09:00
Other times	Non-auto	--	Next day before 15:55

Non-margin accounts:

Time Window	Auto-Withdrawal	Large Amount	Estimated Arrival
Trading day 09:00~15:55	Auto	--	Same day, within 5 min
Trading day 09:00~15:55	Non-auto	> threshold	Next day before 15:55
Trading day 09:00~15:55	Non-auto	<= threshold	Same day before 15:55
Trading day 00:00~09:00	Auto	--	Same day before 09:05
Other times	Auto	--	Next day before 09:00
Other times	Non-auto	--	Next day before 15:55

Non-trading days

No withdrawals are processed on non-trading days.

Withdrawal Pre-Validation Checklist

The system automatically runs the following validations when a client initiates a withdrawal. If any validation fails, the request is rejected:

Validation Item	Error Code	Error Message	Trigger Point
Authorization expired	140670001	Authorization expired; deposit/withdrawal not allowed	On submission
Authorized bank card does not exist	140670002	Authorized bank card does not exist; deposit/withdrawal not allowed	On submission
Risk Control restriction	140670003	Risk Control restriction; deposit/withdrawal not allowed	On submission
Account deficit	140670004	Account has outstanding debt; withdrawal not allowed	On submission
Insufficient balance	140670005	Securities account balance insufficient; withdrawal not allowed	On submission
Dormant account	140670006	Dormant account; deposit not allowed	On page load
Account closed	140670007	Securities account does not exist / has been closed	On page load
NSS incomplete	140670008	NSS questionnaire not completed; withdrawal not allowed	On confirmation
GDCA incomplete	140670009	GDCA not completed; deposit/withdrawal not allowed	On confirmation
Insufficient initial deposit	140670011	Online account user has not yet deposited over 10,000	On confirmation
Review rejected	140670012	Review rejected the withdrawal request	After review
System error	140670099	System error; deposit/withdrawal not allowed	Any time

Other business validations (no error codes)

Validation Item	Description
Dormant account	Dormant / inactive account; withdrawal not supported
No linked bank card	Bank card does not exist
Bank not verified	Bank account has not been verified (except Airstar BST)
Blacklisted	Account is restricted from withdrawing funds
Mainland China bank card	Withdrawal to Mainland China bank accounts is not supported
A-Share Connect restriction	RMB funds in A-Share Connect accounts can only be withdrawn to Hong Kong bank accounts
Currency mismatch	Withdrawal currency does not match the bank account currency

Four scenarios that trigger withdrawal rejection:

Pre-validation failure
Deduction failure (balance changed)
Auto-withdrawal conditions not met; Operations manually rejects
Bank transfer failure

Common Blockers

Issue	Cause	Resolution
Task stuck at Audit for a long time	Queued or overlooked	Check the Risk Control flag reason; review and advance
Confirm cannot proceed	`method = null`	Manually select a withdrawal channel
Confirm shows Mandate error	BST authorization incomplete / expired	Guide the user to re-authorize
Remittance does not execute automatically	One of the 6 conditions is not met	Confirm and manually trigger
Bank callback failure	Bank-side rejection or timeout	Check the error code; switch channels and retry if necessary
Withdrawal rejection scenarios	Pre-validation / deduction failure / Operations rejection / bank failure	See the 4 scenarios in Withdrawal Pre-Validation Checklist above

Required Permissions

Permission	Purpose
`PERMISSION_CASH_TASKS_OUT_AUDIT`	Audit step review
`PERMISSION_CASH_TASKS_OUT_CONFIRM`	Confirm step confirmation
`PERMISSION_CASH_TASKS_OUT_REMIT`	Remittance transfer execution

If requirements change: Modifying the withdrawal approval flow

Code locations:

Approval templates: withdraw/src/app/Business/Task.php -> $stepTemplates
Step logic: withdraw/src/app/Business/Tasks/Step/{Audit,Confirm,Remittance}.php
Auto-withdrawal conditions: withdraw/src/app/Business/Tasks/Step/Remittance.php -> canAutoTransfer()
Channel selection: withdraw/src/app/Business/CreatorBase.php -> calcMethod()

Common change scenarios:

Add an approval step (e.g., compliance review) -> Create a new Step class implementing the IFStep interface; add it to the corresponding template in $stepTemplates
Change channel recommendation when method=null -> Adjust the calcMethod() routing logic or the CRM frontend display
Change auto-withdrawal conditions -> Modify the canAutoTransfer() method in Remittance.php
Adjust auto_settings limits -> Modify the auto_settings table via the CRM backend, or modify the validation logic in AutoSetting.php

After Reading

I want to...	Go to
Understand the full approval flow	Withdrawal Lifecycle
Check auto-withdrawal conditions and limits	Withdrawal Rules Handbook
Look up callback codes and status codes	Withdrawal Data Dictionary
Troubleshoot withdrawal issues	Withdrawal Troubleshooting
Learn about BST channel bank-side details	BST Overview

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Withdrawal Approval Guide ​

CRM Navigation ​

Approval Flow at a Glance ​

Daily Withdrawal Processing Timeline ​

Step 1: Audit (High-Risk Review) ​

Trigger ​

Assessment ​

Action ​

Step 2: Confirm (Instruction Confirmation) ​

All withdrawals pass through this step ​

Checklist ​

How to select a channel when method = null ​

Action ​

Step 3: Remittance (Fund Disbursement) ​

Automatic vs. Manual ​

Manual Trigger Scenarios ​

Post-Manual-Trigger Verification ​

Six Withdrawal Methods Runbook ​

1. Bank-Securities Transfer (BST) ​

2. Same-Bank Transfer ​

3. FPS ​

4. Cheque ​

5. CHATS / RTGS ​

6. Cross-Border Telegraphic Transfer (T/T) ​

High-Risk Approval Flows ​

High-Risk Client Deposits ​

High-Risk Client Withdrawals ​

High-Risk Region Deposits ​

High-Risk Region Withdrawals ​

Handling Unsatisfactory Client Responses ​

Monthly Spot-Check Process ​

Maximum Withdrawable Amount Calculation ​

Large Withdrawal Thresholds and Service Hours ​

Airstar BST Large-Amount Thresholds ​

Airstar BST Service Hours (Full-Day Market) ​

Withdrawal Pre-Validation Checklist ​

Common Blockers ​

Required Permissions ​

After Reading ​

Withdrawal Approval Guide

CRM Navigation

Approval Flow at a Glance

Daily Withdrawal Processing Timeline

Step 1: Audit (High-Risk Review)

Trigger

Assessment

Action

Step 2: Confirm (Instruction Confirmation)

All withdrawals pass through this step

Checklist

How to select a channel when method = null

Action

Step 3: Remittance (Fund Disbursement)

Automatic vs. Manual

Manual Trigger Scenarios

Post-Manual-Trigger Verification

Six Withdrawal Methods Runbook

1. Bank-Securities Transfer (BST)

2. Same-Bank Transfer

3. FPS

4. Cheque

5. CHATS / RTGS

6. Cross-Border Telegraphic Transfer (T/T)

High-Risk Approval Flows

High-Risk Client Deposits

High-Risk Client Withdrawals

High-Risk Region Deposits

High-Risk Region Withdrawals

Handling Unsatisfactory Client Responses

Monthly Spot-Check Process

Maximum Withdrawable Amount Calculation

Large Withdrawal Thresholds and Service Hours

Airstar BST Large-Amount Thresholds

Airstar BST Service Hours (Full-Day Market)

Withdrawal Pre-Validation Checklist

Common Blockers

Required Permissions

After Reading