The post Taiwan’s FSC Drafts New AML Rules Set To Take Effect In 2025 appeared first on Coinpedia Fintech News
Taiwan’s financial regulator, the Financial Supervisory Commission, has drafted new anti-money laundering regulations following amendments made to the laws in July. The new regulations will take effect on Jan. 1, 2025, and virtual asset service providers (VASPs) are expected to complete AML registration by the end of September. Otherwise, they could face imprisonment for up to two years and a fine of up to NT$5 million ($155,900), according to local media reports citing the FSC. The FSC stated that it has drafted relevant regulations, explicitly targeting VASPs and requiring them to complete AML registration.