Taiwan Ministry of Justice proposes new anti-money laundering regulations: Exchange user accounts and bank accounts can be frozen.

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Taiwan Ministry of Justice proposes new anti-money laundering regulations: Exchange user accounts and bank accounts can be frozen.

The Ministry of Justice in Taiwan has announced a draft of the Anti-Money Laundering Act, "Management Measures for Suspending, Restricting Functions, or Directly Closing Accounts and Account Numbers," aiming to address issues related to dummy accounts and account numbers. It specifically mentions that dummy accounts and bank accounts associated with Virtual Asset Service Providers (VASPs) can be suspended or have their functions restricted.

Crackdown on Money Laundering and Fraud! Exchange Dummy Accounts to be Restricted

To swiftly address the issue of dummy accounts, Taiwan's Ministry of Justice has announced the "Regulations on the Suspension, Restriction, or Closure of Accounts or Account Functions under Article 15-2, Paragraph 6 of the Anti-Money Laundering Act," which is expected to conclude its draft discussion on 10/16.

Whether it is an account opened by a financial institution, an account opened with a virtual currency exchange, or an account with a third-party payment platform provided for use by others and subject to admonition, the existing accounts or accounts opened by individuals, including financial institutions, exchanges, or third-party payment providers, may have all or some functions suspended or restricted, or even be closed. It may also restrict the opening of new accounts and accounts.

Some exchange operators have confirmed that they will implement this new policy.

Taiwan, a Scam Island? Scam cases have paralyzed the district prosecutors, with prosecutors naming individual currency businesses for ineffective supervision.

Taiwan's Financial Supervisory Commission officially announced the VASP guidance principles, regulating both "individual currency businesses" and "overseas currency businesses."

Admonition System Project Tendered: AudioCau

The Criminal Investigation Bureau of the Ministry of the Interior has publicly tendered the "Construction of the Anti-Money Laundering Account Admonition System Project," and the bid has been awarded to AudioCau Technology Co., Ltd. for 31.18 million NTD.