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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations for Agricultural Financial Institutions in Taiwan

General Requirements

In order to effectively prevent money laundering and terrorist financing, agricultural financial institutions in Taiwan are required to adhere to the following general requirements.

Appointment of Chief AML/CFT Compliance Officer

Each institution must appoint a chief compliance officer responsible for overseeing AML/CFT matters. This individual will be accountable for ensuring that the institution is compliant with all relevant regulations and laws.

Reporting Suspicious Transactions

The institution must report suspicious transactions to the Investigation Bureau, Ministry of Justice. This ensures that any potential money laundering or terrorist financing activities are promptly identified and addressed.

Internal Control and Supervision

Effective internal control measures are crucial for preventing money laundering and terrorist financing. Agricultural financial institutions in Taiwan are required to implement the following internal controls:

Supervisory Responsibility

Each business unit within an agricultural financial institution must have a senior manager appointed as its supervisor to oversee AML/CFT matters and conduct self-inspections.

Audit Requirements

The internal audit unit must audit the effectiveness of the AML/CFT program, assess risk, and ensure regulatory compliance. This ensures that the institution’s AML/CFT measures are robust and effective.

Employee Qualifications and Training

Agricultural financial institutions in Taiwan are required to ensure that their employees meet certain qualification requirements and receive regular training on AML/CFT matters.

Screening and Hiring Procedures

Institutions must establish procedures to ensure high standards when hiring employees, including evaluating character integrity and professional knowledge.

Qualification Requirements for AML/CFT Personnel

Staff involved in AML/CFT must meet specific qualification requirements or undergo relevant training within a certain timeframe. This ensures that these individuals have the necessary expertise to effectively prevent money laundering and terrorist financing.

Training and Education

Regular training is essential for ensuring that employees are up-to-date with the latest AML/CFT regulations, trends, and typologies. Agricultural financial institutions in Taiwan are required to provide their employees with the following training:

Annual Training

Staff responsible for AML/CFT must attend at least 12 hours of training annually.

Training for Directors and Management

The institution is responsible for arranging appropriate training for its directors, management, legal compliance personnel, internal auditors, and business personnel.

Inspections and Enforcement

Regulatory bodies have the authority to conduct inspections and enforce compliance with AML/CFT regulations. Agricultural financial institutions in Taiwan are required to cooperate fully with these inspections and provide relevant information upon request.

Risk-Based Inspections

The COA or entrusted agency may conduct on-site and off-site inspections using a risk-based approach.

Provision of Information

Institutions must provide relevant information and materials upon request during an inspection.

These regulations aim to ensure that agricultural financial institutions in Taiwan are equipped with robust AML/CFT systems, including effective internal control measures, qualified personnel, and ongoing training. They also empower regulatory bodies to conduct inspections and enforce compliance.