The Securities and Futures Bureau of the Taiwan Financial Regulatory Commission announced today (26th) two cases of fines for violating money laundering prevention laws. The companies involved are Modern Wealth Technology Co., Ltd. (MaiCoin) and Bito Technology Co., Ltd. (MaiCoin) ), both companies were fined NT$1.5 million.
According to information released by the Financial Supervisory Commission, Modern Wealth was found to have violated multiple money laundering prevention laws and regulations for failing to conduct customer reviews and transaction monitoring as required, as well as failing to file suspicious transaction reports in a timely manner.
During its investigation, the FSC found:
Customer review failure: Failure to conduct enhanced customer review in compliance with regulations.
Ineffective transaction monitoring: The suspicious transaction patterns disclosed by the Financial Supervisory Commission were not included in the monitoring, and corresponding thresholds were not set for different customer risk levels.
Incomplete records: Failure to accurately record customer transactions.
Improper handling of suspected transactions: Suspicious transactions were not investigated and reported to relevant departments within the legal period.
Another case involved a BitTorrent company. The Financial Supervisory Commission pointed out that BitTorch had a number of deficiencies in preventing money laundering and combating terrorism, including failing to identify the actual beneficiaries of corporate customers and failing to effectively monitor the transactions of high-risk customers. question. Major violations include:
Inadequate review of high-risk customers: Failure to fully understand the business relationship between the customer and the company, and failure to confirm the source of wealth of high-risk customers.
Insufficient transaction monitoring: Failure to examine in detail whether customer transactions comply with their risk characteristics.
Record-keeping failure: Failure to completely record transaction information.
Lack of handling of suspicious transactions: Some transactions suspected of money laundering or terrorism financing did not trigger a warning and no investigation was launched.
The Financial Supervisory Commission stated that the sanctions imposed on the two companies for their violations are to demonstrate the government's determination to combat money laundering and terrorism financing, and to warn relevant financial institutions to strengthen internal controls to ensure compliance with regulatory requirements. The Financial Supervisory Commission calls on all financial institutions to immediately review their internal mechanisms to avoid a similar situation from happening again.
Earlier, two other Taiwanese trading platforms, ACE Ace Exchange and Rybit, were also fined NT$1.52 million and NT$1.02 million respectively for violating the Money Laundering Prevention Act, Personal Information Protection Act and other regulations. Rybit has suspended trading services. Provide services to individual users and close Taiwan dollar deposits.
"Taiwan Financial Supervisory Commission strikes again! MaiCoin and BitTool were each fined NT$1.5 million for violating the Money Laundering Prevention Act." This article was first published on (Block Guest).