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Taiwan: FSC announces AML/CFT measures on virtual currency platforms and transaction business enterprises

The Financial Supervisory Commission ('FSC') announced, on 22 June 2021, that the Financial Supervision and Administration Commission had developed measures for the Prevention of Money Laundering and Anti-Terrorism of Funds for Virtual Currency Platforms and Transaction Business Enterprises ('the AML/CFT measures'). In particular, the AML/CFT measures provide that businesses introduce regulation on, among other things:

  • confirming customer identity, strengthening customer identity confirmation, and conducting customer reviews;
  • preserving business records;
  • continuously monitoring customer transactions and the requirements for reporting suspected money laundering or terrorist transactions;
  • notification methods and procedure of the business in relation to Article 7(3) of the Counter-Terrorism Financing Act; and
  • implementing contents of the internal control and audit system for preventing money laundering and combating terrorism in the business.

To this end, the FSC highlighted that the Financial Management Committee will assist businesses in the implementation of AML operations within one year after the issuance of the measures.

You can read the press release, only available in Chinese, here.