International Financial Markets Guide—Taiwan
Produced in partnership with Lee and Li, Attorneys-at-Law
International Financial Markets Guide—Taiwan

The following Financial Services practice note produced in partnership with Lee and Li, Attorneys-at-Law provides comprehensive and up to date legal information covering:

  • International Financial Markets Guide—Taiwan
  • 1. Telephone taping
  • (a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 2. Money laundering
  • (a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 3. Data protection
  • More...

1. Telephone taping

(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?

Taping of telephone calls to or from a person outside an organisation in relation to the sale of banking or financial products or insurance services must obtain the relevant person's consent. The financial regulations in Taiwan may require a financial service provider to tape telephone calls under certain circumstances. For example, under the Financial Consumer Protection Act (FCPA), if financial products offered by the financial service provider (such as a bank, insurer, or securities firm) to financial consumers (excluding qualified institutional investors and accredited investors) are high risk complex products, subject to limited exceptions, the financial service provider should provide explanations and disclosures on the products and have the conversation taped or videotaped.

(a)(ii) When might they apply to entities conducting business cross-border?

The above requirements apply to financial service provided by financial service providers duly licensed by the Financial Supervisory Commission of Taiwan (FSC) to financial consumers in Taiwan, even if the financial consumers are overseas Chinese and/or foreign nationals.

(b) What are the exemptions from these requirements?

None.

2. Money laundering

(a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money

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