The banking sector in Taiwan is mostly regulated by the government. The Money Laundering Control Act (MLCA) was developed by Taiwan's government taking effect on April 23, 1997, establishing the Money Laundering Prevention Center (MLPC) that was assigned to receive STRs and to serve as Taiwan's FIU.
Taiwan has five free trade zones and a burgeoning offshore banking sector, both of which are controlled by the Central Bank of Taiwan. In Taiwan, there is no major black market for smuggled goods. A considerable amount of informal financial activity occurs through unregulated, probably non-bank channels.
Taiwan is vulnerable to transnational crimes such as money laundering, drug trafficking, telecom fraud, and trade fraud due to its modern financial sector, strategic location within the Asia-Pacific international shipping lanes, expertise in high-technology production, and role as an international trade hub.
Financial institutions in Taiwan are required to develop and implement a comprehensive compliance framework that includes all elements of their operations that focuses on the following:
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.