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英譯法規內容

法規名稱(Title) Regulations Governing Internal Audit and Internal Control System of Anti-money Laundering and Countering Terrorism of Agricultural Financial Institutions Ch
公發布日(Date) 2018.12.27
法規沿革(Legislative) Promulgated per Order of Council of Agriculture No. Nong-Jin-Zi- 1075074664A dated December 27, 2018
法規內文(Content) Article 1
These Regulations are adopted pursuant to Paragraph 3, Article 6
of the Money Laundering Control Act (referred to as the “Act” 
hereunder).

Article 2
The term “agricultural financial institution” used in these 
Regulations include the credit departments of farmers’ 
associations, the credit departments of fishermen’s 
associations (collectively referred to as the “credit 
departments” hereunder) and the Agricultural Bank of Taiwan.  

Article 3
The Agricultural Bank of Taiwan shall establish specific 
policies and procedures for correspondent banking and other 
similar relationships, including at least:
1. Gather sufficient publicly available information to fully 
   understand the nature of the respondent institution’s 
   business and to determine its reputation and quality of 
   management, including whether it has complied with 
   anti-money laundering and countering financing of terrorism 
   (AML/CFT) regulations and whether it has been investigated 
   or received administrative sanction in connection with money 
   laundering or terrorist financing (ML/TF);
2. Assess whether the respondent institution has adequate and 
   effective AML/CFT controls;
3. Obtain approval from senior management before establishing 
   relationships with a respondent institution;
4. Document the respective AML/CFT responsibilities of each 
   party;
5. Where a correspondent relationship involves in 
  “payable–through accounts”, it should be satisfied that 
   the respondent institution has performed customer due 
   diligence (CDD) on customers who have direct access to the 
   accounts of the correspondent bank and is able to provide 
   relevant CDD information to the correspondent bank upon 
   request;
6. The banking business is prohibited from entering into 
   correspondent relationship with shell banks or respondent 
   institutions that permit their accounts to be used by shell 
   banks;
7. For a respondent institution that is unable to provide the 
   aforementioned information upon the request of Agricultural 
   Bank of Taiwan, Agricultural Bank of Taiwan may decline its 
   application to open an account, suspend transactions with 
   it, file a suspicious ML/TF transaction report or terminate 
   business relationship with it.

Article 4
An agricultural financial institution should assess ML/TF risks 
before launching new products or services or new business 
practices and establish relevant risk management measures to 
mitigate identified risks.

Article 5
Agricultural Bank of Taiwan shall conduct domestic and 
cross-border outward and inward wire transfers involving foreign 
currencies in accordance with the Directions Governing Banking 
Enterprises for Operating Foreign Exchange Business.
An agricultural financial institution shall conduct domestic 
wire transfers involving NTD in accordance with the following 
rules:
1. Provide required and accurate originator information and 
   required beneficiary information by any of the means below:
   (1) Include information on the originator and the beneficiary 
       accompanying the wire transfer; or
   (2) Include the account number or a unique transaction 
       reference number which permits the transaction to be 
       traced back to the originator and the beneficiary and 
       make information available within three business days of 
       receiving the request either from the beneficiary 
       financial institution or from appropriate competent 
       authorities, or immediately upon the request of a 
       prosecutor’s office or judicial police authority. 
2. Maintain the following required information on the originator 
   and the beneficiary in accordance with Article 11 of the 
   Regulations Governing Anti-Money Laundering of Agricultural 
   Financial Institutions: 
   (1) The aforementioned originator information shall include: 
       name of the originator, the originator account number 
       where such an account is used to process the transaction 
       (if not available, a unique transaction reference number 
       that permits traceability), and any of the information 
       below:
       A. National identity number;
       B. Address; or
       C. Date and place of birth.
   (2) The aforementioned beneficiary information shall include: 
       name of the beneficiary and the beneficiary account 
       number (if not available, a unique transaction reference 
       number that permits traceability).
An agricultural financial institution that fails to conduct wire 
transfers in accordance with the preceding two paragraphs is not 
allowed to engage in wire transfer business.
A beneficiary agricultural financial institution shall conduct 
domestic wire transfers involving NTD in accordance with the 
following rules:
1. Have risk-based policies and procedures for determining when 
   to execute, reject, or suspend a wire transfer lacking the 
   information specified under Subparagraph 2, Paragraph 2 
   hereof, and the appropriate follow-up action.
2. Maintain the information on the originator and the 
   beneficiary received in accordance with Article 11 of the 
   Regulations Governing Anti-Money Laundering of Agricultural 
   Financial Institutions.

Article 6
The AML/CFT internal control system of an agricultural financial 
institution and any subsequent amendment thereto shall be 
approved by its board of directors (council), and shall contain 
the following:
1. The policies and procedures for identifying, assessing and 
   managing ML/TF risks;
2. An AML/CFT program established based on ML/TF risks and 
   business size to manage and mitigate identified risks, which 
   also includes enhanced control measures for higher risk 
   situations; and
3. Standard operating procedures for monitoring compliance with 
   AML/CFT regulations and implementation of the AML/CFT 
   program, which shall be included in the self-inspection and 
   internal audit system, and enhanced if necessary.
The ML/TF risk identification, assessment and management 
mentioned in Subparagraph 1 of the preceding paragraph shall 
cover at least customers, geographic areas, products and 
services, transactions or delivery channels, and contain the 
following:
1. A risk assessment report shall be documented;
2. The risk assessment shall consider all risk factors to 
   determine the level of overall risk, and appropriate measures 
   to mitigate the risks;
3. There shall be a risk assessment update mechanism in place to 
   ensure that risk data are kept up-to-date; and
4. When the risk assessment is completed or updated, the report 
   shall be submitted to the Council of Agriculture (referred to 
   as the “COA” hereunder) for recordation.
The AML/CFT program mentioned in Subparagraph 2 of Paragraph 1 
hereof shall include the following policies, procedures and 
controls:
1. Customer due diligence;
2. Watch list filtering;
3. Ongoing due diligence of accounts and transactions;
4. Correspondent banking business;
5. Record keeping;
6. Filing of currency transaction report (CTR);
7. Filing of suspicious ML/TF transaction report (STR);
8. Appointment of a chief AML/CFT compliance officer in charge 
   of compliance matters;
9. Employee screening and hiring procedure;
10. Ongoing employee training program;
11. An independent audit function to test the effectiveness of 
    AML/CFT system; and
12. Other matters required by the AML/CFT regulations and the 
    COA.
The board of directors (council) of an agricultural financial 
institution takes the ultimate responsibility of ensuring the 
establishment and maintenance of appropriate and effective 
AML/CFT internal controls. The board of directors (council) and 
senior management (secretary general) shall understand the 
institution’s ML/TF risks and the operation of its AML/CFT 
program, and adopt measures to create a culture of AML/CFT 
compliance.

Article 7
An agricultural financial institution shall be staffed with 
adequate number of AML/CFT personnel and resources appropriate 
to the size and risks of its business. The board of directors 
(secretary general) of the agricultural financial institution 
shall appoint a senior officer to act as the chief AML/CFT 
compliance officer and vest the officer full authority in 
coordinating and supervising AML/CFT implementation and shall 
ensure that its AML/CFT personnel and the chief AML/CFT 
compliance officer do not hold concurrent positions that may 
have a conflict of interest with their AML/CFT responsibilities. 
In addition, the Agricultural Bank of Taiwan shall set up an 
independent, dedicated AML/CFT compliance unit under the 
president, legal compliance unit, or risk management unit of 
the head office and such AML/CFT compliance unit shall not 
handle businesses other than AML/CFT.
The dedicated AML/CFT compliance unit or the chief AML/CFT 
compliance officer mentioned in the preceding paragraph shall be 
charged with the following duties:
1. Supervising the planning and implementation of policies and 
   procedures for identifying, assessing and monitoring ML/TF 
   risks.
2. Coordinating and supervising the implementation of the 
   institution-wide AML/CFT risk identification and assessment.
3. Monitoring and controlling ML/TF risks.
4. Developing an AML/CFT program.
5. Coordinating and supervising the implementation of AML/CFT 
   program.
6. Confirming compliance with AML/CFT regulations, including the 
   relevant specimen or self-regulatory rules formulated by the 
   related financial services association and accepted by the 
   Financial Supervisory Commission for recordation, or relevant 
   templates or self-regulatory rules formulated by the 
   Agricultural Bank of Taiwan and accepted by the COA for 
   recordation.
7. Supervising the reporting on suspicious ML/TF transactions 
   and on the properties or property interests and location of 
   individuals or legal entities designated by the 
   Counter-Terrorism Financing Act to the Investigation Bureau, 
   Ministry of Justice.
The chief AML/CFT compliance officer mentioned in Paragraph 1 
hereof shall report to the board of directors (council) and the 
board of supervisors (supervisors) or the audit committee at 
least semiannually, and report to the board of directors 
(council), the board of supervisors (supervisors) and the 
secretary general or the audit committee whenever a major 
regulatory violation is discovered.

Article 8
Each business unit of an agricultural financial institution 
shall appoint a senior manager to act as the supervisor to take 
charge of supervising AML/CFT related matters of the business 
unit and the status of self-inspection conducted by the business 
unit.
The internal audit unit (internal auditor) of an agricultural 
financial institution shall audit the following matters and 
submit audit opinions on:
1. Whether the ML/TF risk assessment and the AML/CFT program 
   meet the regulatory requirements and are implemented; and
2. The effectiveness of the AML/CFT program.
The president (secretary general) of an agricultural financial 
institution shall oversee respective units to prudently evaluate 
and review the implementation of internal control system for 
AML/CFT. The chairman, president (secretary general), chief 
auditor (auditor), and chief AML/CFT compliance officer shall 
jointly issue a statement on internal control for AML/CFT 
(see attached), which shall be submitted to the board of 
directors (council) for approval and disclosed on the 
institution’s website within three (3) months after the end of 
each fiscal year, and filed via a website designated by the COA.

Article 9
An agricultural financial institution shall establish screening 
and hiring procedures to ensure high standards when hiring 
employees, including examining whether the prospective employee 
has character integrity and the professional knowledge required 
to perform his/her duty.
The chief AML/CFT compliance officer, the AML/CFT personnel and 
the AML/CFT supervisors of the business units of an agricultural 
financial institution shall meet one of the following 
qualification requirements in three (3) months after 
appointment/assignment to the position and the agricultural 
financial institution shall set out relevant control mechanism 
to ensure compliance with the provisions hereof:
1. Having served as a legal compliance or AML/CFT personnel on a
   full-time basis for at least three (3) years;
2. Having attended at least 24 hours of courses offered by 
   institutions recognized by the COA or Agricultural Bank of 
   Taiwan, passed the exams, and received completion 
   certificates therefor. But personnel who have met the 
   qualification requirement for the legal compliance personnel 
   are deemed to meet the qualification requirement under this 
   Subparagraph after they have attended at least 12 hours of 
   training on AML/CFT offered by institutions recognized by 
   the COA; or
3. Having received an AML/CFT professional certificate issued by 
   an international or a domestic institution recognized by the 
   COA.
The chief AML/CFT compliance officer, the AML/CFT personnel and 
the AML/CFT supervisors of domestic business units of an 
agricultural financial institution shall annually attend at 
least 12 hours of training on AML/CFT offered by institutions 
recognized by the COA or Agricultural Bank of Taiwan or internal 
or external training units consented by the chief AML/CFT 
compliance officer mentioned in Paragraph 1of Article 7 herein. 
The training shall cover at least newly amended laws and 
regulations, trends and typologies of ML/TF risks. If the person 
has obtained an AML/CFT professional certificate issued by an 
international or a domestic institution recognized by the COA in 
a year, the certificate may be used to substitute the training 
hours for the year.
An agricultural financial institution shall annually arrange 
appropriate hours and contents of training on AML/CFT for its 
directors (council members), supervisors, president 
(secretary general), legal compliance personnel, internal 
auditors, and business personnel in view of the nature of its 
business, to familiarize them with their AML/CFT duties and 
equip them with the professional knowhow to perform their 
duties.

Article 10
For the implementation of internal audit and internal control 
system of AML/CFT of an agricultural financial institution, 
the COA may, at any time, appoint an officer, or entrust an 
appropriate agency (institution) to conduct an inspection 
using risk-based approach. The inspection includes on-site and 
off-site inspections.
When conducting the inspection in the preceding Paragraph, the 
COA or the entrusted agency (institution) may order the 
agricultural financial institution to provide the relevant 
books, documents, electronic data files or other relevant 
materials. The aforementioned materials, whether stored in hard 
copy, electronic file, e-mail or any other form, shall be 
provided, and the agricultural financial institution shall not 
circumvent, reject or obstruct the inspection for any reason.

Article 11
These Regulations shall be effective from the date of 
promulgation.
圖表附件(Attachments)