25 May, 2018
The FSC announced the amendment to the Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industry (the Implementation Rules”)” to reinforce anti-money laundering and counter terrorism financing.
The FSC announced the amendment to the Implementation Rules on March 31, 2018. The highlights of the amendment include:
(1) The “head organization” of any large bank having a total asset of NT$ 1 trillion or more shall provide an executive rank officer of an exclusive compliance unit, who may be responsible for anti-money laundering and counter terrorism financing but may not perform any legal duties irrelevant to compliance.
(2) The aforementioned large bank shall establish a framework of risk management and monitoring.
(3) Banks shall establish an unit with an office in-charge that exclusively perform the duties related to information security.
(4) Within 6 months of the promulgation of the amended Implementation Rules, all financial holding companies and banking businesses shall establish an internal reporting system for irregularity and an independent unit at its head organization to accept and investigate such reports.
For further information, please contact:
Leonard Chen, Tsar & Tsai Law Firm
law@tsartsai.com.tw
