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Anti-money laundering rules approved

The Financial Supervisory Commission yesterday approved anti-money laundering measures, with local banks expected to comply with them before the Asia/Pacific Group on Money Laundering (APG) conducts its second evaluation trip to member countries, including Taiwan, later this year.

"As a member of the APG, Taiwan has made efforts and earned recognition for helping crack down on the region's illegal money laundering," Susan Chang (張秀蓮), vice chairwoman of the commission, said yesterday.

According to Chang, the nation's anti-money laundering measures were first drafted in 1997 by the Bankers' Association (銀行公會) and have been revised several times.

An overhaul of the measures was further made in 2003, adding 40 recommendations suggested by the Financial Action Task Force on Money Laundering (FATF). This was to keep up with international practices, in light of concerns over terrorist funding.

In accordance with the newly revised measures, local banks will be required to toughen their surveillance of suspected bank accounts, transactions and clientele, Chang said.

For example, banks must request at least two official documents to identify customers that apply for new bank accounts, and report potential financial irregularities to the nation's anti-money laundering bureau when transactions involving large amounts of money or high-risk dealers are involved.
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