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Notice of the Draft Amendments of Articles of the Two Regulations Including the “Regulations Governing Anti-Money Laundering of Financial Institutions

2021-09-16
The Financial Supervisory Commission (FSC) has formulated the draft amendments of articles of the "Regulations Governing Anti-Money Laundering of Financial Institutions” and the “Regulations Governing Internal Audit and Internal Control System of Anti-Money Laundering and Countering Terrorism Financing of Banking Business and Other Financial Institutions Designated by the Financial Supervisory Commission”, and the period of public comments shall soon be commenced to obtain opinions of all sectors in accordance with the Administrative Procedure Act.
  The amendment and promulgation of the “Act Governing Electronic Payment Institutions” allow electronic payment institutions to operate domestic and foreign small amount remittances and stored value cards (previously referred to as electronic stored value cards) business and allow foreign migrant worker remittance companies to operate foreign small-amount remittances business for foreign migrant workers. The two aforementioned regulations are amended to supervise these institutions in the implementation of anti-money laundering and counter terrorism financing tasks and enhance related anti-money laundering regulations. The key points of the amendment are as follows:
1. Foreign migrant worker remittance companies are included as entities governed by the two regulations. When such companies operate foreign small-amount remittances for foreign migrant workers, they shall establish internal control and audit systems for anti-money laundering and counter terrorism financing, and implement anti-money laundering measures such as customer due diligence, record keeping, and reporting of suspicious transactions.
2. Provisions are added to require electronic payment institutions to comply with anti-money laundering regulations for remittances business.
    The FSC stated that the amendment is mainly implemented to meet the international standards of the Financial Action Task Force (FATF) and the Money Laundering Control Act. The draft amendments of the two regulations will be published in the official gazette of the Executive Yuan and the FSC website. If you have any comments, please visit the webpage “Notice of Draft Regulations” on the FSC “Laws and Regulations Retrieving System” website (URL: https://law.fsc.gov.tw/) and state your opinions within 30 days after the announcement.
    The general explanation of the draft amendments and the comparison table of the “Regulations Governing Anti-Money Laundering of Financial Institutions” and the “Regulations Governing Internal Audit and Internal Control System of Anti-Money Laundering and Countering Terrorism Financing of Banking Business and Other Financial Institutions Designated by the Financial Supervisory Commission” are provided for your reference.

Contact unit: Legal Affairs Division, Banking Bureau
Telephone: (02)8968-9625        
If you have any questions, please send an email to the FSC's public opinion mailbox
(https://fscmail.fsc.gov.tw)
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