Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.
Taiwan wants to amend its Anti-Money Laundering (AML) regulations to combat fraud and AML measures for virtual asset service providers (VASPs).
Taiwan’s Ministry of Justice has proposed amendments to existing AML laws that could impose jail terms of up to two years for noncompliant firms and fines of up to $1.5 million. The proposed amendments will be sent to Taiwan’s national parliament, the Legislative Yuan, for review.
The “New Four Laws to Combat Fraud” was proposed by Taiwan’s Executive Yuan. The amendments aim to strengthen the crackdown on fraud and strictly regulate money laundering prevention measures for crypto service providers.
