Money Laundering Control Act Article 12

Financial institutions and designated nonfinancial enterprises or persons shall report currency transactions that reach the applicable designated threshold amount to the Investigation Bureau of the Ministry of Justice, unless otherwise prescribed in this Act.Financial institutions and designated nonfinancial enterprises or persons, including responsible persons, directors, managers and employees of such institutions or businesses declaration currency transactions as prescribed in the preceding paragraph shall be exempted from business confidentiality obligations.The central competent authorities in charge of the relevant industries shall, in consultation with the Ministry of Justice and other relevant government agencies, establish the regulations governing the applicable designated threshold amount, the scope and types of currency transactions, and the scope, methods and procedures of declaration prescribed in paragraph 1 and other matters to be obeyed; consultation with relevant industry associations shall be held prior to the establishment of the regulations.For violations of the requirements in the first paragraph and the rules enacted in accordance with the preceding paragraph relating to the scope, methods and procedures of declaration, the central competent authorities in charge of the relevant industry 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.