Two major cryptocurrency exchanges in Taiwan, MAX and BitoPro, were fined 1.5 million NTD each by the FSC on Monday for violating relevant provisions of the Anti-Money Laundering Act.
According to the announcement, the Financial Supervisory Commission (FSC) conducted a project inspection on the anti-money laundering and counter-terrorism financing operations of Modern Wealth Technology Co., Ltd., which operates the MAX exchange, in December 2023. The inspection found deficiencies in the company's operations, including customer review, transaction monitoring, transaction records, and suspicious transaction reporting, which violated the relevant provisions of the Anti-Money Laundering Act, resulting in a fine of 1.5 million NTD.
The FSC also conducted a project inspection on the anti-money laundering and counter-terrorism financing operations of BitoPro Technology Co., Ltd., which operates the BitoPro exchange, in December 2023. The inspection found deficiencies in the company, including KYC, transaction monitoring, transaction records, and suspicious transaction alerts and investigations, which violated the relevant provisions of the Anti-Money Laundering Act, resulting in a fine of 1.5 million NTD.
FSC Press Release
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