In order to strengthen the responsibility of CPA to verify the identity of their customers and beneficial owners, the Financial Supervisory Commission(hereinafter referred to as "FSC" ) proposed to amend the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants. The period of preliminary announcement has expired. The new Regulations will be promulgated and reinstated shortly. The main amendments are as follows: The key amendments are as follows:

CPA should be required to verify the identity of the customer and beneficial owner before or during the course of establishing a business relationship or conducting transactions for occasional customers and a CPA shall comply with the provisions in their watch list filtering programs on customers and connected parties of transactions.