Money Laundering Control Act Article 10

Financial institutions and designated nonfinancial enterprises or persons shall maintain all necessary records on transactions, both domestic and international, made due to operating their business or practicing their profession.Records of the necessary transaction prescribed in the preceding paragraph shall be retained for a period of at least five years after the date of the transaction, unless a longer record-keeping term is required by other laws.The central competent authority in charge of the relevant industries shall, in consultation with the Ministry of Justice and other relevant government agencies, establish the regulations governing the scope of transactions and the procedures and methods of retaining records on necessary transactions prescribed in paragraph 1; consultation with relevant industry associations shall be held prior to the establishment of the regulations.For violations of the requirements in paragraphs 1 and 2, or regulations prescribed in the preceding paragraph regarding the scope, procedures, and methods of retaining records on necessary transactions, the central competent authority in charge of the relevant industries shall impose a fine of not less than NT$500,000 but not more than NT$10 million on financial institutions, and a fine of not less than NT$50,000 but not more than NT$5 million on designated nonfinancial enterprises or persons. The fine may be imposed each time the offense occurs.