November 30 2016
The Financial Supervisory Commission (FSC) yesterday announced that a set of tougher money laundering rules would be implemented on Jan. 1, including requiring banks to verify clients’ identities.
Banks will have to confirm the identities of clients involved in cross-border fund transfers of more than NT$30,000(US$942.86).
“The change is aimed at regulating nonroutine transactions conducted by companies and other legal entities at banks where they are not account holders,” Banking Bureau Deputy Director-General Lu Hui-jung told a news conference in Taipei.