Taiwan Adopts FATF Recommendations

UNCLAS AIT TAIPEI 002363 SIPDIS SIPDIS STATE PLEASE PASS AIT/W STATE FOR EAP/RSP/TC, EAP/EP TREASURY FOR FINCEN JUSTICE FOR OIA AND AFMLS E.O. 12958: N/A TAGS: EFIN KCRM PTER KSEP TW SUBJECT: Taiwan Adopts FATF Recommendations ¶1. On July 11, Taiwan's Financial Supervisory Commission Banking Bureau issued a regulation effective August 1 that requires all banking institutions to collect, verify and store information about any banking customer that makes any single cash or electronic remittance above NT$30,000 (US$923). At present, the personal data requirement applies only to a remittance exceeding NT$1 million (US$30,769). The data that banking institutions must verify, collect and store include customer name, national identification number, address, and telephone number. ¶2. Our contact at the Banking Bureau told AIT that the requirement was adopted in response to suggestions submitted to Taiwan in 2004 by the Financial Action Task Force (FATF) on Money Laundering. He said the new requirement was intended to demonstrate Taiwan's determination support global efforts to crack down on international money laundering and terrorist finance. YOUNG