Advance notice on the amendments of the "Regulations Governing Small Amount Remittance Services for Foreign Migrant Workers"
2024-07-16
The Financial Supervisory Commission (hereinafter referred to as the FSC) has drafted amendmentsof the "Regulations Governing Small Amount Remittance Services for Foreign Migrant Workers" (hereinafter referred to as the "Draft Regulations") and the period of public comments shall soon begin to gather opinions from all sectors in accordance with the Administrative Procedure Act.
The FSC stated that the annual salary of foreign migrant workers has increased to near the maximum amount of the current cumulative annual remittance amount, the FSC thus amended the legislation based on practical operations and the requirements for financial supervision. The key points of the amendment are as follows:
1. The FSC amended the definition of offshore remittance institutions to refer to the institutions that operate remittance services outside the Republic of China under the laws and regulations of the home countries of foreign migrant workers. (Article 3 of the Draft Regulations)
2. The FSC added the provision that requires a foreign migrant worker remittance company that concurrently engages in foreign migrant workers remittance service, to have a paid-in capital or operating capital for its Taiwan branch of no less than NT$100 million. (Article 5 of the Draft Regulations)
3. The FSC added qualifications requirements for the responsible person of a foreign migrant worker remittance company. (Article 6 of the Draft Regulations)
4. The FSC added that where an institution other than a bank or an electronic payment institution applies for operating foreign migrant workers remittance service, it shall submit the legal opinion of the trust agreement, performance guarantee agreement, or templates therefore reviewed by an attorney. The FSC also specified the required documents for a foreign migrant worker remittance company when it applies for renewal of its business permission. (Article 7 of the Draft Regulations)
5. The FSC added conditions under which the competent authority may reject applications for engaging in foreign migrant workers remittance services or for the renewal of the business permit. (Article 8 of the Draft Regulations)
6. The FSC added the provision that requires resolutions of the board of directors or board of managing directors' meeting stating consent for branches of foreign banks in Taiwan concurrently engaging in foreign migrant workers remittance services. (Article 11 of the Draft Regulations)
7. The FSC amended the maximum cumulative annual remittance amount for foreign migrant worker remittance companies from NT$400,000 to NT$500,000. (Article 12 of the amended articles)
8. The FSC added the requirement that the NTD and foreign currency dedicated deposit accounts for foreign migrant workers remittance services shall indicate specific account names. (Article 13 of the Draft Regulations)
9. The FSC specified the compliance procedures for verifying the identity of foreign migrant workers. (Article 14 of the Draft Regulations)
10. The FSC amended the timing for foreign migrant worker remittance companies to disclose important information in mobile apps. (Article 16 of the Draft Regulations)
The FSC stated that the Draft Regulations will be published in the official gazette of the Executive Yuan and on the FSC website. If you have any comments, please visit the webpage “Notice of Draft Regulations” on the FSC’s “Laws and Regulations Retrieving System” website (URL: http://law.fsc.gov.tw/) and state your opinions within 60 days after the announcement.
The FSC stated that the annual salary of foreign migrant workers has increased to near the maximum amount of the current cumulative annual remittance amount, the FSC thus amended the legislation based on practical operations and the requirements for financial supervision. The key points of the amendment are as follows:
1. The FSC amended the definition of offshore remittance institutions to refer to the institutions that operate remittance services outside the Republic of China under the laws and regulations of the home countries of foreign migrant workers. (Article 3 of the Draft Regulations)
2. The FSC added the provision that requires a foreign migrant worker remittance company that concurrently engages in foreign migrant workers remittance service, to have a paid-in capital or operating capital for its Taiwan branch of no less than NT$100 million. (Article 5 of the Draft Regulations)
3. The FSC added qualifications requirements for the responsible person of a foreign migrant worker remittance company. (Article 6 of the Draft Regulations)
4. The FSC added that where an institution other than a bank or an electronic payment institution applies for operating foreign migrant workers remittance service, it shall submit the legal opinion of the trust agreement, performance guarantee agreement, or templates therefore reviewed by an attorney. The FSC also specified the required documents for a foreign migrant worker remittance company when it applies for renewal of its business permission. (Article 7 of the Draft Regulations)
5. The FSC added conditions under which the competent authority may reject applications for engaging in foreign migrant workers remittance services or for the renewal of the business permit. (Article 8 of the Draft Regulations)
6. The FSC added the provision that requires resolutions of the board of directors or board of managing directors' meeting stating consent for branches of foreign banks in Taiwan concurrently engaging in foreign migrant workers remittance services. (Article 11 of the Draft Regulations)
7. The FSC amended the maximum cumulative annual remittance amount for foreign migrant worker remittance companies from NT$400,000 to NT$500,000. (Article 12 of the amended articles)
8. The FSC added the requirement that the NTD and foreign currency dedicated deposit accounts for foreign migrant workers remittance services shall indicate specific account names. (Article 13 of the Draft Regulations)
9. The FSC specified the compliance procedures for verifying the identity of foreign migrant workers. (Article 14 of the Draft Regulations)
10. The FSC amended the timing for foreign migrant worker remittance companies to disclose important information in mobile apps. (Article 16 of the Draft Regulations)
The FSC stated that the Draft Regulations will be published in the official gazette of the Executive Yuan and on the FSC website. If you have any comments, please visit the webpage “Notice of Draft Regulations” on the FSC’s “Laws and Regulations Retrieving System” website (URL: http://law.fsc.gov.tw/) and state your opinions within 60 days after the announcement.
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Update：
2024-09-02