FSC Taiwan Amends TLAC Rules, Issues Other Regulatory Updates
The Financial Supervisory Commission of Taiwan (FSC Taiwan) Issued regulatory updates on amending the total loss-absorbing capacity (TLAC) rules, lending measures in response to pandemic, and on compliance with the money laundering legislation. FSC Taiwan published an Order to amend the implementation schedule for regulatory capital rules with respect to the TLAC debt instruments issued by global systemically important banks. The Order entered into force on January 13, 2022.
With respect to the lending measures, FSC Taiwan is requesting domestic banks to strengthen their lending programs and plans to provide guarantee to the domestic banks for granting loans to small and medium enterprises (SMEs) in the specified six core strategic industries. In addition, FSC Taiwan held a meeting with the Ministry of Finance and the Association of Banks wherein it was agreed that banks will cooperate to provide an extension of repayment period for personal debt of those affected by the pandemic. Earlier, FSC Taiwan had decided to extend the timeline for COVID-19-related payment deferrals from the end of December 2021 to the end of June 2022.
Additionally, FSC Taiwan announced the list of virtual currency platform operators that have completed the compliance statement for the prevention of money laundering. FSC Taiwan explained that, out of the 16 firms that submitted declarations of compliance with the Money Laundering Prevention Act, 13 firms will be required to make corrections to the declarations within a specified time. In accordance with the “measures for the prevention of money laundering and combating terrorism funding for virtual currency platforms and trading business enterprises,” platform operators shall complete the money laundering prevention laws and regulations in accordance with the documents, materials, and methods designated by FSC Taiwan. FSC Taiwan also called on the operators who set up bitcoin vending machines to submit a statement of compliance with the Money Laundering Prevention Act.
Related Links (in Chinese)
- Order on TLAC Rules
- Press Release on Lending Program
- Press Release on Payment Deferrals
- Press Release on Compliance with Money Laundering Act
Keywords: Asia Pacific, Banking, Payment Deferrals, Covid 19, Lending, Loan Repayment, Credit Risk, AML CFT, ML TF Risk, TLAC, Regulatory Capital, Basel, Reporting, Cryptocurrency, G-SIBs, SME, FSC Taiwan
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