Financial Crime World

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Taiwan’s AML/CFT Regulatory Regime: A Comprehensive Guide

Taiwan has implemented a robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulatory regime to prevent financial crimes and maintain the integrity of its financial system. The regime is designed to detect, prevent, and report suspicious transactions, as well as freeze and confiscate assets related to money laundering and terrorist financing.

Download FI Application Forms

To facilitate compliance with AML/CFT regulations, the Financial Supervisory Commission (FSC) has made available a range of application forms for financial institutions. These forms can be downloaded from the FSC’s website and must be completed by all financial institutions operating in Taiwan.

Bilingual Glossary

The FSC has also published a bilingual glossary of AML/CFT terms to assist financial institutions in understanding the regulatory requirements. The glossary is available in English and Chinese and provides definitions for key terms such as “money laundering,” “terrorist financing,” and “politically exposed persons.”

Opening of Deposit Account

To open a deposit account with a bank or other financial institution in Taiwan, customers must provide identification documents and proof of income. Financial institutions are required to verify the identity of their customers and report any suspicious transactions to the FSC.

Training Events

The FSC regularly conducts training events for financial institutions on AML/CFT regulations and best practices. These events provide an opportunity for financial institutions to learn about the latest regulatory requirements and improve their compliance with AML/CFT standards.

E-Paper

The FSC publishes an electronic paper, “AML/CFT Regulatory Regime of Taiwan,” which provides a comprehensive overview of the regulatory framework. The e-paper is available on the FSC’s website and can be downloaded for free.

Policies & Publications

The FSC has published a range of policies and publications related to AML/CFT regulations, including:

  • Guidelines for financial institutions
  • Circulars
  • Bulletins
  • International agreements and conventions

These documents provide detailed information on regulatory requirements and best practices.

Regulations and Administrative Rules

The FSC has implemented a range of regulations and administrative rules to support the AML/CFT regime, including:

  • Customer due diligence
  • Reporting suspicious transactions
  • Freezing and confiscation of assets

Documents relating to administrative guidance

The FSC has published a range of documents related to administrative guidance on AML/CFT regulations, including:

  • Circulars
  • Bulletins
  • Guidelines

These documents provide detailed information on regulatory requirements and best practices.

Statistics

The FSC publishes statistics on AML/CFT enforcement, including:

  • Number of suspicious transaction reports filed
  • Amount of assets frozen or confiscated

These statistics provide insight into the effectiveness of the AML/CFT regime in Taiwan.

Administration Plan

The FSC has developed an administration plan for AML/CFT regulations, which outlines the agency’s goals, objectives, and strategies for implementing the regime.

Research Report

The FSC publishes a research report on AML/CFT issues, which provides analysis and recommendations for improving the effectiveness of the regulatory regime.

Budgets, Monthly and Annual Financial Reports

The FSC publishes budgets and financial reports related to AML/CFT enforcement, including details on funding and expenditure. These documents provide insight into the resources allocated to AML/CFT efforts.

Decision of Administrative Appeals

The FSC has published a decision on administrative appeals related to AML/CFT regulations, which provides guidance on the agency’s approach to reviewing appeals.

The FSC has published documents related to public works and procurements, including guidelines for financial institutions participating in government procurement processes.

Government Subsidies

The FSC has implemented a range of government subsidies to support AML/CFT compliance by financial institutions. These subsidies provide funding for training and awareness programs.

Gender Mainstreaming

The FSC has incorporated gender mainstreaming principles into its AML/CFT policy, recognizing the importance of addressing gender-specific issues in financial crime prevention.

Outreach

The FSC conducts outreach activities to raise awareness about AML/CFT regulations among financial institutions, customers, and other stakeholders. These activities include:

  • Training events
  • Workshops
  • Seminars

Resources & Link

The FSC has made available a range of resources and links related to AML/CFT regulations, including guidelines, circulars, and bulletins. These resources provide detailed information on regulatory requirements and best practices.

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