Important Measures
FSC draws up the Regulations Governing Anti-Money Laundering of Financial Institutions and amends related regulations
2017-08-11
Authorized by the first part of Paragraph 4 of Article 7 of the Money Laundering Control Act, the FSC completed and put the aforementioned regulations into effect on June 28, 2017. The regulations regulate confirmation of customer identity by financial institutions, record keeping, reporting of large amount cash transactions and suspicious money laundering or terrorism financing transactions. The Directions Governing Internal Control System of Anti- Money Laundering and Countering Terrorism Financing of the Banking Sector, Electronic Payment Institutions and Electronic Stored-value Card Issuing Institutions, Directions Governing Internal Control System of Anti-Money Laundering and Countering Terrorism Financing of the Securities and Futures Industry, and Directions Governing Internal Control System of Anti-Money Laundering and Countering Terrorism Financing of the Insurance Industry were also amended in line with the contents of the aforementioned regulations. The main points of the amendments are: after completing or updating money laundering or terrorism financing risk assessment, financial institutions should file the risk assessment reports with the FSC for recordation. It is also stipulated that the board of directors of a financial institution bears ultimate responsibility for ensuring that suitable and effective anti-money laundering and countering terrorism financing internal control is established and maintained.
- Visitor： 1152
- Update： 2017-08-11
