| 1 |
The “Directions for Confirming Customer Identity in Domestic Remittance Operations of Financial Institutions” are drawn up
From: Financial Supervisory Committee, Executive Yuan
Date: 2006/07/12
Ref. No.: Jin-Kuan-Yin-(2)-Zi-No.09520004872
Full text:
The “Directions for Confirming Customer Identity in Domestic Remittance Operations of Financial Institutions” are drawn up and will be enacted on August 1, 2006. The MOF letter Ref. Tai-Tsai-Rong -Zi-No. 87723254 dated May 20, 1998 ceases to apply on the same day.
The “Directions for Confirming Customer Identity in Domestic Remittance Operations of Financial Institutions” are attached hereunder.
Attachment:
Directions for Confirming Customer Identity in Domestic Remittance Operations of Financial Institutions
1. These Directions are drawn up to render the anti-money laundering operation more rigorous and to crack down on crimes, and to help financial institutions know their customers better by requiring customers who remit money to leave necessary information.
2. The financial institutions depicted in the Directions herein refer to domestic banks, branches of foreign banks in Taiwan, credit cooperatives and Chunghwa Post Co. Ltd.
3. Except for remittance involving the following, financial institutions shall follow the Directions herein when handling domestic cash remittance of more than NT$30,000 and less than NT$1,000,000 as well as domestic remittance by account transfer of more than NT$30,000:
(1) Receivable and payables of government agencies, state-run enterprises and institutions, institutions exercising public rights (within the scope of delegated authority), public and private schools, public utility enterprises, and lawfully established government funds in association with transactions arising out of regulatory requirement or contractual relationship.
(2) Trading and call loans between financial institutions. Notwithstanding the foregoing, remittance involving payables arising from customers of another bank through an interbank account, such as cashing of checks drawn by another bank, where the amount of remittance by the same customer reaches the amount set out herein shall follow the Directions herein.
(3) Remittance made by lottery distributors for purchase of lottery tickets.
(4) Futures margin accounts of securities firms or futures commission merchants.
4. When a financial institution handles an over-the-counter domestic remittance, it shall retain information on the name, ID No. (or uniform business number) and telephone (or address) of the remitter. If the remitter is a juristic person, sole proprietorship, organization, or partnership enterprise, the name, uniform business number, and telephone (or address) of the entity shall be provided. If the remittance is made by an agent, the name and ID No. (or uniform business number) of the agent shall be noted on the remittance application.
5. A financial institution shall ask the remitter to show documentary proof of identity and check the identity of the remitter against the information provided on the remittance application, except for any of the following situations:
(1) A remitter who is the principal and a customer known to the financial institution, and has identity record on file is not required to show documentary proof of identity, whereas the financial institution can check the identity record on file against the information provided on the remittance application.
(2) If the remittance is made by an agent, the financial institution only needs to check the identity of the agent. An agent who is a customer known by the financial institution and has identity record on file is not required to show documentary proof of identity, whereas the financial institution can check the identity record on file against the information provided on the remittance application. 6. A financial institution shall follow the rules set forth by The Bankers Association of the Republic of China with respect to the procedure for checking and confirming the identity of customers and required documentation when handling customer remittance. |