In the face of virtual assets gradually becoming a new channel for fraudulent activities, the Taiwan Financial Supervisory Commission inspected the Financial Supervisory Commission on the 11th. Many lawmakers from various parties unanimously called for the regulation of virtual assets through special laws and proposed the establishment of a national-level AI warning system to combat increasingly innovative fraud techniques.
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Gradually improving the regulatory framework, the Executive Yuan plans to propose an anti-fraud law in April
Legislators suggest the establishment of a national-level warning platform
Members of the Financial Supervisory Commission, including Convener Luo Mingcai and Kuomintang legislator Wang Hongwei, People First Party legislator Huang Shanshan, and Democratic Progressive Party legislator Li Kuncheng collectively visited the Financial Supervisory Commission to discuss the actual effectiveness of using technology in banks to prevent fraud.
The Executive Yuan plans to propose an anti-fraud law in April to integrate and strengthen the supervision of virtual assets. Huang Tianmu revealed that the new law aims to consolidate the management responsibilities of financial institutions and virtual asset platforms, provide clearer legal support, such as freezing suspicious accounts and strengthening identity verification.
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Huang Shanshan emphasized that many anti-fraud measures currently only apply to the banking sector, but fraud has extended to various channels involving virtual assets and third-party payments. She proposed that the government should assist in establishing a comprehensive AI warning system that extends to various financial transaction platforms in order to more effectively detect and alert abnormal money flow activities. Huang Tianmu responded by stating that the Financial Supervisory Commission is collaborating with the investigative and prosecutorial departments to expedite the electronic inquiry of financial data, in order to accelerate the processing speed of fraud cases and is committed to realizing Huang Shanshan’s recommendations.
The inspection activities and the proposed recommendations both point to the need for more comprehensive and advanced technological means to combat increasingly sophisticated financial fraud, highlighting the importance of legislation and technological innovation in the field of contemporary financial security.
Taiwan
Anti-fraud
Regulation
Financial Supervisory Commission
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