Money transfer companies for migrant workers included in anti-money laundering regulations

TAIPEI (The China Post) — The Financial Supervisory Commission (FSC, 金管會) recently revised two sections of the “Regulations Governing Anti-Money Laundering of Financial Institutions” (金融機構防制洗錢辦法) to include money transfer companies for migrant workers into the regulations.

The inclusion comes after the implementation of “The Act of Governing Electronic Payment Institutions” (電子支付機構管理條例) in July, where non-electronic payment institutions can apply to help migrant workers wire small remittances back home.

In October, Welldone Company (統振公司) became the first institution to be approved by the FSC to operate cross-border wire transfers for migrant workers.

According to the revised articles, businesses like Welldone Company will be subject to “Regulations Governing Anti-Money Laundering of Financial Institutions” and the “Regulations Governing Internal Audit and Internal Control System of Anti-Money Laundering and Countering Terrorism Financing of Banking Business and Other Financial Institutions Designated by the Financial Supervisory Commission” (銀行業及其他經金融監督管理委員會指定之金融機構防制洗錢及打擊資恐內部控制與稽核制度實施辦法) to prevent money laundering and combat financing of terrorism.

The FSC stated that the draft amendments to the two regulations will be announced and implemented in the near future.