On 21 May 2020 the FSC, making reference to the “Regulations Governing Anti-Money Laundering of Financial Institutions,” issued an amendment to the aforementioned Directions. The main amendment, which is set to take effect on 1 July 2020, is to incorporate the beneficial owner concept into insurance company equity management, thereby achieving greater transparency in equity ownership. Key points of the amendments include the following: (1) a single party or group of related parties, or a third party as defined in Paragraph 3, Article 139-1 of the Insurance Act that is a legal person, must now be reported if it is a beneficial owner or the ultimate controlling party; (2) in light of the FSC’s supervisory needs with respect to the beneficial owners or ultimate controlling party behind a corporate shareholder, the FSC issued a new provision to exempt the requirement of identification of beneficial owners for financial institutions; and (3) to coordinate with modifications to related reporting forms, reporting entities are required to provide charts showing ownership structure and control structure.