Taiwan Depository & Clearing Corporation

TDCC's “Anti-money Laundering Query System” is officially online on April 1, 2016, which offers online customer name verification to financial institute applicants.

In addition, the “screening” function is added to the system and kicks in on May 3, 2016. TDCC screens all investors' information with anti-money laundering namelist and informs all institutes of the suspicious names for the following customer examination and transaction management.

Meng, Qing Li, President of TDCC, points out that with the development of business diversification, TDCC's clients have already included securities companies, bill companies, banks, financial institutes, investment trust companies and other major participants in the capital market. Through TDCC's integration of market resources and the establishment of standardized anti-money laundering databank, screening and query system, TDCC's clients don’t need to put in their own capital and time to construct their own databank; besides, they can enjoy the value-added service from TDCC. In the meantime, the service also provides institutes with convenience of following anti-money laundering laws, allowing governing ministry to comply with evaluation request from the Asia/Pacific Group on Money Laundering (APG) on related financial institutes.

According to the estimate from TDCC, by April 20, 2016, head offices of 114 institutes have applied for the use of anti-money laundering query system. The number of verified head offices and branches to use the online system has reached 703 in total.

Mr. Meng further explains that in order to expand future system's namelist databank and improve related functions, TDCC has already contacted suppliers for namelist databank and is doing extensive research on institutes' usage and requirements. After receiving feedback, TDCC will carry out evaluation and upgrade system function to cater to the needs from different institutes.