Taiwan's AML/CTF supervisor​s
In Taiwan, the government heavily regulates the banking industry. The Taiwanese government created the Money Laundering Control Act (MLCA), which went into force on April 23, 1997. It established the Money Laundering Prevention Center (MLPC), which was tasked with receiving suspicious transaction reports (STRs) and acting as Taiwan's FIU.
The Central Bank of Taiwan supervises Taiwan's five free trade zones and is expanding the offshore banking industry. There isn't a significant black market for illicit items in Taiwan. Through unregulated, likely non-bank channels, a sizeable portion of informal financial activity takes place.
How do you comply with the AML/CTF regulations in Taiwan?
Due to its sophisticated financial sector, advantageous location within the Asia-Pacific international shipping lanes, proficiency in high-technology production, and function as an international trade hub, Taiwan is susceptible to transnational crimes such as money laundering, drug trafficking, telecom, and trade fraud.
In Taiwan, financial institutions are expected to create and implement a thorough compliance framework that covers all aspect of their business and focuses on the following:
- Establishment of internal rules to ensure compliance with all applicable laws and regulations
- Putting in place procedures and systems to keep track of customer transactions and identify any questionable conduct
- The investigation of questionable conduct and subsequent reporting of it to the relevant regulatory and/or criminal enforcement organisations
- Ongoing training of compliance and anti-financial crime departments and units to guarantee that human performance is used to achieve AML/CTF implementation standards at the global and local levels