Taiwan - Amendments To The Regulations Governing Identity Verification Mechanism And Transaction Limits For Users Of Electronic Payment Institutions.
Legal News & Analysis - Asia Pacific - Taiwan - Regulatory & Compliance - Banking & Finance
4 December, 2018
In order to increase the flexibility of consumptive payment and the convenience of electronic payment accounts, the FSC promulgated the amended “Regulations Governing Identity Verification Mechanism and Transaction Limits for Users of Electronic Payment Institutions”.
The amended regulations allow the Class 1 electronic payment accounts, which carry the function of storage and payment of money on behalf of the parties of the collection and payment of actual transactions but not the function of direct money transfer between the payee accounts and the electronic payment accounts, to store value through credit cards or saving accounts; and raise the upper limit of the monthly transaction amount to NT$100,000 while keeping the limit of the yearly transaction amount at NT$360,000.
The amended regulations further simplify the documentation requirements for registering or establishing electronic payment accounts for the government agencies, public schools, public sector enterprises and the business entities or foundations whose representatives are appointed by the government
For further information, please contact:
Leonard Chen,Tsar & Tsai Law Firm