TAIWAN Trends and Developments Contributed by: Jaclyn Tsai, Teresa Huang, Jaime Cheng and Lilian Hsu, Lee, Tsai & Partners
B. Contributions of private organisations and individuals in fraud prevention • Given the cross-border nature of fraud crime networks and financial flows, the Taiwan FinTech Association hosted the 2024 FinTech Annual Forum in November and facilitated the signing of an anti-fraud cross-border co- operation memorandum of understanding by fintech associations across 14 Asian regions, promoting cross-border civilian co-operation and communication in fraud prevention. • The Digital Trust Association in Taiwan, a pri - vately initiated organisation, was established in August 2024. Its core mission includes pro - moting public cybersecurity and fraud detec - tion capabilities through education, policy advocacy, industry collaboration and inter - national communications, building a healthy industry ecosystem, and working together to create a safer and more trustworthy digital environment. Conclusion Taiwan has always placed great emphasis on the development of technology, fintech and digital economy-related industries. Recently, it has focused on establishing comprehensive VASP regulatory measures and promoting poli - cies related to fraud prevention and anti-money laundering. Given the rapid pace of regulatory changes, businesses must stay alert to regu - latory trends to ensure compliance and lawful operation in Taiwan.
addressing these challenges solely through government legislation is increasingly impracti - cal. Therefore, in addition to legislative efforts to address the issues mentioned above, Taiwan also places significant emphasis on leveraging technological tools to improve the efficiency of fraud and money laundering prevention. At the same time, many private organisations and individuals are actively involved in promoting fraud detection capabilities or strengthening cross-border co-operation in fraud prevention resources. A. Examples of utilising technological tools to address fraud and money laundering issues • The Criminal Investigation Bureau in Taiwan, upon recommendations from private experts, plans to purchase a blockchain cryptocur - rency flow integration and analysis system licence, expecting this investment will yield positive results in combating virtual asset fraud. • Financial institutions have applied artificial intelligence in fraud detection and established the “Eagle Eye Anti-Fraud Alliance”. Currently, the alliance includes 35 financial institutions, and by August 2024, these institutions had used the “Eagle Eye Fraud Detection Model” to successfully prevent fraud groups from transferring funds amounting to more than TWD360 million.
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