Financial Institutions Required to Conduct Annual Review of Money Laundering and Terrorist Financing Prevention Measures

Taipei, [Date]

The Financial Supervisory Commission (FSC) has issued regulations requiring financial institutions to conduct annual reviews of their measures to prevent money laundering and terrorist financing.

Key Provisions

According to the new regulations, financial institutions are required to:

• Apply a risk-based approach in conducting customer due diligence (CDD) and ongoing monitoring.
• Keep records of all business relations and transactions with customers for at least five years or for a longer period as otherwise required by law.
• File suspicious transaction reports within two business days upon recognition of a suspicious transaction. The reports must include information such as the nature of the suspicious transaction, the amount involved, and the identity of the customer involved.
• Pay attention to the sanctions list announced by the Ministry of Justice and comply with paragraph 1 of Article 7 of the Counter-Terrorism Financing Act, including for attempted transactions.

Effective Date

The regulations will take effect from the date of issuance. Financial institutions are required to implement the new measures immediately.

Contact Information

For more information, please contact:

• [Name], Financial Supervisory Commission
• Phone: [Phone number]
• Email: [Email address]

The FSC aims to strengthen the prevention of money laundering and terrorist financing in Taiwan’s financial sector. The commission will conduct regular inspections and audits to ensure that financial institutions are complying with the regulations.

Note: This is a rewritten version of the article in a style that resembles a media article.