Shortage of AML talent! Industry practitioners jointly establish Taiwan Virtual Currency Anti-Money Laundering Association

The "Taiwan Virtual Currency Anti-Money Laundering Association" is formed by professionals in Taiwan's blockchain industry, including representatives from the government, industry, and academia. The association aims to educate and guide the market and practitioners in the virtual currency industry to have the correct concepts of anti-money laundering and counter-terrorism financing.

On the afternoon of the 29th, the "Taiwan Virtual Currency Anti-Money Laundering Association Inaugural Meeting and Virtual Currency Anti-Money Laundering Forum" was held at the Taiwan Academy of Banking and Finance. The event invited guests such as Legislator Kao Hung-an, the team of Legislator Kao Chia-yu, Chen Mei-ling, the convener of the Taiwan Blockchain Alliance, and Su Wen-chieh, the head of the Investigation Bureau, to encourage and support the initiative. Tsai Yu-ling, the Chairman of the Taiwan FinTech Association, also sent her congratulations. Mr. Luo Fu-xiang, the Taiwan representative of the International Association of Certified Anti-Money Laundering Specialists (ACAMS), brought blessings from ACAMS and delivered a keynote speech.

Taiwan Virtual Currency Anti-Money Laundering Measures, Legislator Kao Hung-an: Three Aspects Need Strengthening

Virtual currency, as one of the applications of blockchain, has gradually become popular worldwide since 2008 as an emerging value carrier, impacting existing industries significantly, especially challenging traditional financial regulatory systems. This has prompted regulatory authorities in various countries to conduct research and attempt to establish regulations to mitigate the risks associated with the development of emerging technologies, with anti-money laundering regulation being a key focus. In response to the evaluation of the Financial Action Task Force (FATF) on anti-money laundering, Taiwan amended its Anti-Money Laundering Act on November 7, 2018, officially including the term "virtual currency" in the country's legal framework. The "Regulations for Anti-Money Laundering and Countering the Financing of Terrorism for Virtual Currency Platforms and Trading Businesses" were also issued on June 30, 2021, demonstrating Taiwan's emphasis and determination in combating money laundering in the virtual currency sector.

Legislator Kao Hung-an stated that despite relevant legislation in Taiwan, there is still room for improvement. She suggested that the overall effort needed could be divided into three aspects:

1) Through collaboration across sectors, innovative nodes such as associations can be established.
2) Connectivity between industry, government, and academia to link mechanisms together.
3) Legislative aspects to enhance the overall legal framework through legislation.

At this critical juncture, enthusiastic individuals from various sectors in the industry and academia have initiated the establishment of the "Taiwan Virtual Currency Anti-Money Laundering Association" to align with the government's policies on combating money laundering in the virtual currency space. The association aims to gather professionals with expertise in anti-money laundering in the virtual currency sector, conduct research on domestic and international anti-money laundering guidelines, regulations, and systems, and organize seminars and educational lectures to educate and guide the market and practitioners in the virtual currency industry on proper anti-money laundering and counter-terrorism financing concepts.

Extensive Cultivation of Anti-Money Laundering Professionals Contributes to Sustainable Industry Development

Notably, the "Taiwan Virtual Currency Anti-Money Laundering Association" has membership requirements that mandate obtaining the "Certified Anti-Money Laundering Specialist (CAMS)" certification or the domestic "Professional in Anti-Money Laundering and Counter-Terrorist Financing" certification to become a member. Therefore, more than 40 domestic and international certifications were present at the event, reflecting a strong interest in the field. For those who have not obtained these certifications, they can become student members and participate in the association's courses and lectures to prepare for the exams.

Association Chairman Chien Shu-yung stated, "With the implementation of the 'Regulations for Anti-Money Laundering and Countering the Financing of Terrorism for Virtual Currency Platforms and Trading Businesses,' the impact on Taiwan's existing blockchain industry is significant, particularly in the demand for professionals. The new regulations require internal control and audit systems, appointment of dedicated personnel, employee training, and on-the-job training, all of which rely on the assistance of professional anti-money laundering personnel. As a result, the blockchain industry is experiencing a talent shortage, as understanding both anti-money laundering and virtual currencies is essential, which is the purpose of establishing this association."

Vice Chairman Chen Chi-ming mentioned, "For Taiwan's virtual currency industry to sustainably develop, compliance with regulations is essential. Anti-money laundering and counter-terrorism financing are internationally recognized as crucial core matters. Therefore, the association's core function lies in research and education. The association also collaborates with ACAMS to provide group exam discounts, aiming to increase the number of anti-money laundering professionals in Taiwan and enhance the country's performance in international anti-money laundering assessments." Vice Chairman Peng Shao-fu added, "The association will cooperate with the Taiwan Blockchain University Alliance and various universities in Taiwan to organize seminars or certification courses on anti-money laundering and counter-terrorism financing. This will not only enhance students' awareness of anti-money laundering and counter-terrorism financing but also provide valuable skills for students pursuing careers in the financial or blockchain industries."

Following the establishment meeting, the organizers held a special lecture on "Introduction to ACAMS and Anti-Money Laundering Capability System" and the "First Virtual Currency Anti-Money Laundering Practical Forum." The forum invited professionals in the field of virtual currency anti-money laundering practices, including Chien Shu-yung, Huang Ya-sen, Tsao Wei-chieh, and Ou Yao-wei, as well as Chief Su Wen-chieh from the Investigation Bureau with years of experience in financial crime investigations, to discuss the new regulations issued on June 30, covering topics such as the costs for virtual asset service providers, benchmarking with comparative laws, interpretation of Know Your Customer (KYC) information, challenges in fund transfer rules, the assistance of legal compliance technology, and experiences in criminal investigations, making for an engaging exchange of ideas.

Chen Mei-ling, the convener of the Taiwan Blockchain Alliance, expressed delight in the establishment of the Taiwan Virtual Currency Anti-Money Laundering Association. Continuous dialogue and communication between industry, government, and academia are essential for Taiwan's blockchain and virtual currency industries to build a favorable business environment. She commended the association for its proactive approach to adopting international rules and efforts in nurturing professional talents, wishing the association smooth progress in its endeavors.

The official Line@ of the "Taiwan Virtual Currency Anti-Money Laundering Association": https://lin.ee/rDF7Ta6