, Singapore

UOB reportedly halting foreign currency banknote supply in Taiwan

The move comes amidst tighter anti-money laundering rules in the region.

UOB will reportedly stop supplying foreign currency banknotes to lenders in Taiwan amidst tighter anti-money laundering rules in the region, according to Reuters.

Taiwan's Minister of Justice Qiu Taisan earlier said that the government is planning to roll out a control mechanism to prevent bitcoin and other virtual currencies from being used as money laundering tools, the Taiwan Central News Agency reported.

UOB's pull-out would leave Bank of America the only foreign currency banknote distributor in Taiwan.

Here’s more from Reuters:

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Sri Lanka and Vietnam banks to boost 2025 financials
Sri Lanka’s political crises are receding; Vietnam will be lifted by higher loan growth
What's in store for payments in 2025?
In emerging markets, digital wallets are evolving into bank account substitutes.
NRIC numbers alone cannot initiate payments, fund transfers: ABS
ABS advised customers to change their login passwords if they are using their NRIC number.