
WEN HUI ATTORNEYS AT LAW
10/12/22
Money Laundering, Third-party Payment, Anti- terrorism, Finance, Personal Data Protection
In view of the fact that the regulations of Taiwan’s regulations on money laundering prevention law are not yet thorough, especially the risk of money laundering, financing terrorism, and financing military expansion, the law enforcement agencies shall provide more complete and more frequent information updates and other aspects still need to be improved. Therefore, in view of the common types of money laundering crimes and emerging criminal methods in our country, the draft amendment to the Money Laundering Prevention Law was announced on December 27, 2011 to adjust the definition of money laundering. However, to this day, the Anti-Money Laundering Act is still under review in the Legislative Yuan for revision, and has not yet passed the third reading.
Due to changes in social patterns, the collection and payment services provided by third-party payment platforms have also emerged. In order to prevent fraudulent groups from using third-party payment to conceal the characteristics of actual traders and use it as a tool for money laundering or crimes, my country’s On January 28, 2011, in accordance with the Money Laundering Prevention Act and the Anti-Terrorism Act, the "Third-Party Payment Service Industry Anti-Money Laundering and Anti-Terrorism Measures" was revised. The measures will come into effect on January 1, 2012.
Among them, there are relevant regulations on matters such as the internal control and audit system of the Money Laundering Prevention Act, confirmation of customer identity, retention of necessary service records, declaration of suspicious crimes, and notification of designated sanctions.
In addition, in order to prevent fraudulent groups from using the characteristics of third-party payment models to easily create breakpoints in cash flow, cover up the money laundering process, and increase the cost of inspection and investigation, we refer to the "Business Management Rules for Electronic Payment Institutions" and "Signed by Credit Card Acquiring Institutions" to provide proxy Collection and payment service platform operators "are self- regulatory norms for special stores", which clearly stipulates in Article 2, Item 2: "Third- party payment service providers shall not accept other third-party payment service providers to sign contracts as payers or payees." In other words, customers of third- party payment providers must not be third- party service providers, so as to prevent third-party payment companies from becoming tools for money laundering by criminal groups.