Home
/
Country Coverage
/
AML/CFT Legislation in Taiwan
flag of taiwan

AML/CFT Legislation in Taiwan

taiwan 101 tower
MemberCheck's solutions in Taiwan​
PEP and Sanction Check
Scan your clients against global PEP & Sanction a data source.
Learn More
Adverse Media Check
Keep up to date on any risks associated with your client by leveraging reliable global media.
Learn More
ID Verification
Verify the identity of your Taiwanesecustomers and avoiding the consequences of non-compliance.
Learn More
AML Consulting Service
Work with our accredited consultants to assess the money laundering and terrorism financing risk to your business.
Learn More

Taiwan's AML/CTF supervisor​

taiwan continent

Money Laundering Prevention Center (MLPC) – Taiwan

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.

Successful Compliance Implementation – Taiwan

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:

  • Internal rules must be established to ensure compliance with all applicable laws and regulations
  • Establishing processes and systems designed to monitor customer transactions for the purpose of identifying suspicious activity
  • The investigation and subsequent reporting of suspicious activity to the appropriate regulatory and/or law enforcement bodies
  • Continual training for Compliance and Anti-Financial Crime departments and units to ensure that human performance is used to achieve AML/CFT implementation standards at the international and local levels

How can MemberCheck Help?

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.

Request a demo

* 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.

Make your AML/CFT compliance effortless with MemberCheck ​
Contact Us