Taiwan

Insufficient disclosures of corporate clients' beneficiaries by financial institutions was cited as one of Taiwan's shortcomings in the APG's latest report.

The APG was reportedly impressed by Taiwan's performance during its third round of mutual evaluations, which concluded last week.

Taiwan has amended its AML/CFT laws, forbidding anonymous cryptocurrency transactions and empowering the FSC to take action against noncompliant platform operators.

The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

Brokers issuing ETNs must have a net worth exceeding $325mn and a capital adequacy ratio of at least 250%.

Continuous trading will enable real-time trading by matching orders immediately; existing call auction mechanism collects orders over five seconds before matching occurs.

The regulator is concerned the founding family holds undue influence at Fubon Financial Holdings and affiliates, compromising board of directors' autonomy.

'Line Bank' will be set up in partnership with up to five local partners to take deposits, provide loans, and sell mutual funds and insurance policies.