Anti-Money Laundering

AML/CFT Screening Platform

Regarding to the importance of Anti-money laundering (AML) related systems internationally, FATF amended The FATF 40 Recommendations in 2012. It set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, and request countries to apply a risk-based approach (RBA) to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified.
TDCC is required to establish internal control and audit system against money laundering under Anti-Money Laundering Control Act. In order to implement risk-based approach to identify clients’ risk level which FATF required, we built Anti-Money Laundering/Counter-Terrorism Screening Platform in April, 2016. To both assist our country in promoting AML/CFT and share the database with others complying with AML Control Act., we provided this Platform to brokers, bills houses, futures commission merchant, securities finance enterprises and securities investment trust/consulting enterprises at first, now has been expended to all financial Institutes and DNFBPs who should comply with Anti-Money Laundering Control Act.
AML/CFT Screening platform supports TDCC and users who implement identifying clients’ risk against money laundering and terrorist financing comply with international standard and raise the awareness and the prevalence of AML/CFT. The synergy of our platform are also recognized by the third-round mutual evaluation from APG in 2018.

Company Transparency Platform (Report)

In accordance with the FATF Recommendations to improve information transparency of domestic companies, the Ministry of Economic Affairs has amended Article 22-1 of the Company Act which regulates domestic companies and requires companies to report the information of their directors, supervisors, managerial officers, and shareholders holding more than 10 percent of the total shares of the company to the designated platform.
TDCC is a centralized securities depository with a professional focus on stocks and securities. The Ministry of Economic Affairs designated TDCC to establish and conduct the ‘Company Transparency Platform’(CTP) on August 31, 2018. Since November 1, 2018, CTP has provided a reporting service for domestic companies (except for state-owned enterprises, branch offices, foreign companies and public issued companies). Due to the outstanding reporting ratio, CTP is highly praised by the Asia/Pacific Group on Money Laundering (APG).

Company Transparency Platform (Inquiry)

A financial institution or designated nonfinancial business or profession should verify the identity of the customer in accordance with the Money Laundering Control Act. Regulations Governing Reporting and Management of Information on Article 22 Bis of the Company Act states that the company regulated by CTP has to provide the relevant information for the aforementioned positions. Users need to state the scope and reason for inquiry to ensure the proper use of confidential and sensitive personal information.
CTP has launched inquiry services for financial institutions and has designated nonfinancial business or profession since February 25, 2019. CTP provides an additional function for connecting TDCC’s Anti-Money Laundering /Counter-Terrorism Financing system (AML/CFT) to screen the list of the actual beneficial owners. For information accuracy, CTP offers a reporting mechanism for user to flag the incorrect information. The structure of CTP report and inquiry system was applauded by the Asia/Pacific Group on Money Laundering, which granted Taiwan the best grade of the ‘Regular follow-up list’ in the third round of evaluation.