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 has amended its Anti-Money Laundering (AML) regulations to combat fraud and enhance Anti-Money Laundering (AML) measures for virtual asset service providers.
Taiwan’s Ministry of Justice has proposed amendments to the existing AML laws that could impose up to two-year jail terms for non-compliant firms and fines of up to $1.5 million. The proposed amendments will be sent to Taiwan’s national parliament for review.
The law was proposed by Taiwan’s Executive yuan called the “New Four Laws to Combat Fraud.” The amendments aim to strengthen the crackdown on fraud and strictly regulate money laundering prevention measures for crypto service providers.