🔥 Taiwan Steps Up Anti-Money Laundering Efforts
posted 2 hr ago
Taiwan is accelerating the adoption of anti-money laundering (AML) measures, which are expected to be approved on November 30.
Taiwan’s Financial Supervisory Commission (FSC) plans to implement new anti-money laundering (AML) regulations on November 30, a month earlier than initially planned. This urgency reflects the government’s commitment to intensifying efforts against fraud.
The updated rules require cryptocurrency exchanges and other service providers in the crypto industry to register and comply with AML standards. Non-compliance will carry severe penalties, including fines of up to 5 million New Taiwan dollars (approximately $153,700) and prison sentences of up to 2 years.
The FSC also stated that foreign virtual asset service providers (VASPs) must establish a company or branch in Taiwan under the Company Act and complete the required AML registration before conducting operations in the country.
FSC Chairman Jin-Lung Peng highlighted that the expedited rollout of AML regulations is in response to strong public demand for more robust fraud prevention measures. He noted that the registration requirement for VASPs is part of a comprehensive initiative aimed at deterring fraudulent activities.
FSC Chairman Jin-Lung Peng (right). Source: ivod.ly.gov.tw
An FSC representative added that once the AML regulations take effect, the regulator will strengthen oversight in several critical areas, including fiat currency storage, information security, handling customer complaints, maintaining records, and ensuring transparency.
The representative also mentioned that the new regulations would provide law enforcement with stronger and more comprehensive tools to combat previously difficult-to-address forms of criminal activity.
Discover more about AML in the crypto market in our article.
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