2018-11-26

Taiwan Awaits APG Evaluation

Recently, Taiwan's regulators fined a Taiwan bank for non-compliance with mandatory anti-money laundering procedures.  The penalty came right before the Asia/Pacific Group on Money Laundering (APG) delivered its assessment of Taiwan's efforts to combat money laundering.

The Financial Supervisory Commission (“FSC”), Taiwan's regulator in this regard, has been enforcing anti-money laundering regulations.  Most financial institutions, including banks, insurance corporations, and securities corporations, are subject to these regulations.  From 2016 to 2018, the FSC has imposed penalties upon several financial institutions.  The total amount of these FTC penalties has reached NT$ 89.16 million.

APG has completed three rounds of evaluations on Taiwan's anti-money laundering performance.  Those financial institutions which are being reviewed by APG have indicated that they are confident that Taiwan will move forward to receive a better rating.

The APG evaluation has two parts: technical compliance and effectiveness analysis.  The evaluation considers the efficiency and results of Taiwan's compliance with international anti-money laundering prevention policies.  APG is expected to announce its preliminary rating for Taiwan in January 2019, and its final rating will be announced later, in July 2019.
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