Date: Jan 18, 2019
By: Kao Shih-ching / Staff reporter
Cash transactions of less than NT$500,000 are to receive less scrutiny and no ID card numbers would be needed for deposits of less than NT$30,000 without a passbook, the Financial Supervisory Commission (FSC) said yesterday, part of efforts to reduce the burden on low-risk clients amid efforts to combat money laundering.
The FTC would announce new guidelines for low-risk clients before next month, since financial institutions are preparing for heavy transaction volumes before the Lunar New Year holiday that starts on Feb. 4, commission Chairman Wellington Koo (顧立雄) said.
Koo made the remarks after he accompanied Premier Su Tseng-chang (蘇貞昌) and Minister of Finance Su Jain-rong (蘇建榮) to the headquarters of state-run Taiwan Cooperative Bank (合庫銀行) in Taipei to learn about its measures to combat money laundering.
Although 90 percent of local banks’ clients pose a low risk of money laundering, bank clerks tend to treat all transactions as suspicious and apply the same measures to everyone, Koo said. [FULL STORY]