The January 2021 amendment to the "Act Governing Electronic Payment Institutions" had the effect of: (a) integrating regulations governing electronic stored value card issuing institutions; (b) allowing electronic payment institutions to engage in domestic and foreign small-amount remittances business; and (c) allowing migrant worker foreign remittance companies to provide small-amount remittance services for foreign migrant workers. To coordinate with these changes, the FSC, on 14 December 2021, amended 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." Key points of the amended provisions are as follows:
1.Migrant worker foreign remittance companies are included among the types of institutions subject to the provisions of the two aforementioned Regulations.
2.To coordinate with the "Act Governing Electronic Payment Institutions," the definitions of related terms have been amended.
3.Newly added provisions set out relevant requirements for electronic payment institutions and migrant worker foreign remittance companies to comply with when conducting cross-border correspondent banking and remittance business.