The Taiwan Financial Supervisory Commission announced that in order to prevent fraud crimes, prevent financial crimes and protect the rights and interests of victims, the Executive Yuan has formulated the "Fraud Crime Harm Prevention Ordinance" (hereinafter referred to as the "Anti-Fraud Law"), and in July this year It was passed by the Legislative Yuan on the 12th and officially announced by the President on July 31st. The law aims to protect the public from financial, telecommunications and Internet fraud. It contains seven articles related to financial institutions and virtual asset service providers or persons (VASP).
The Financial Supervisory Commission has formulated four sub-laws that financial institutions and VASPs must cooperate with
The Financial Supervisory Commission stated that in order to implement Article 8 (Fraud Prevention Act), Article 9 (Notification Mechanism), Article 10 (Financial Police Joint Prevention Mechanism) and Article 11 ( With regard to provisions such as the return of victims’ defrauded money), we have discussed with representatives of the financial industry, industry associations and relevant law enforcement agencies from June to September to formulate four draft sub-laws to facilitate the smooth implementation of the law. The specific contents are as follows :
Sub-Law Article 8: Identification and Notice of Abnormal Account Numbers – Identification Standards for Abnormal Account Numbers. – Strengthen the identity confirmation and continuous review of the account holder (customer). – Specify the items and related operating procedures that can be subject to peer notes.
Sub-Law Article 9: Data Storage and Abnormal Account Control – Regulations on the storage of abnormal account data. – Procedures for reporting abnormal account numbers to judicial police agencies. – Follow-up control and measures to remove control.
Article 10 Sub-Law: Notification Mechanism and Asset Transfer – Joint Prevention and Notification Operation Mechanism for Alert Accounts. – Procedures for depositing and de-controlling fraudulent funds or virtual assets. – A joint prevention mechanism developed after financial institutions or VASPs receive notifications of fraud from the public.
Sub-law Article 11: Return of remaining funds or assets – The operating procedures for the return of remaining funds or virtual assets in a warning account shall be notified by the original notification judicial police agency. – Conditions for the financial institution or VASP to return the remaining funds or virtual assets, the required withdrawal documents and related operating procedures.
The Financial Supervisory Commission further stated that the opinions collected during the draft preview period will be taken into consideration, and law enforcement agencies will be convened as soon as possible to hold a discussion meeting on the sub-law draft, complete relevant procedures with the Ministry of Justice and the Interior Ministry, and amend the content of the sub-law draft. These authorization sub-laws will be promulgated before December 30 hl304 this year to ensure that the implementation details of the "anti-fraud law" are complete and help combat fraud crimes.
This article The Financial Supervisory Commission launches a draft of a new anti-fraud law, which requires joint prevention and combat against fraud in cryptocurrency transactions. First appeared on Lian News ABMedia.
