Financial Technology Development and Innovative Experimentation Act Article 25

Where the scope of an innovative experimentation involves regulations, orders, or administrative rules set forth by the competent authority or other government agencies (institutions), the competent authority may, based on the needs for an innovative experimentation, proceed and, after consulting and obtaining the consent of such other government agencies (institutions), grant exemption from such regulations, orders, or administrative rules in part or in whole to the innovative experimentation during the experimentation period and release the applicant from relevant administrative responsibilities. Notwithstanding the foregoing, the provisions of the Money Laundering Control Act, Terrorism Financing Suppression Act, and related regulations, orders, or administrative rules will still apply.Matters relating to anti-money laundering and combating the financing of terrorism (AML/CFT) to be observed by applicants during the experimentation period will be prescribed by the competent authority in consultation with the AML/CFT competent authority.