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Article 3-3
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For the purposes of Article 3, Paragraph 3, Subparagraph 1 of these Guidelines, Customer Name-Based Accounts are limited to the following accounts of the customer itself that are KYC (Know Your Customer) compliant:
- New Taiwan dollar savings accounts opened with a bank.
- Electronic payment accounts registered and opened with a specialized electronic payment institution that has entered into a contracted institution contract with a securities firm.
- Other accounts approved by a competent authority.
When a securities firm agrees with a customer on the transfer of funds using the latter’s electronic payment account, the securities firm shall complete the verification of identity process in regard to the specialized electronic payment institution which has entered into the contract, to validate the authenticity of the account and the customer’s ownership of the account number.If a securities firm enters into the contract mentioned in Paragraph 1, Subparagraph 2 or other like agreement with a specialized electronic payment institution, a report shall be made to the TWSE and TPEx and a filing made with the single window for securities firm filings. Changes shall also be reported, and the following shall be confirmed before the contract or agreement is signed:
- The specialized institution has obtained the approval of the competent authority for operating the relevant businesses described in Article 4, paragraph 1 of the Act Governing Electronic Payment Institutions.
- There is no record of the institution having been subject to a disposition as in Article 38, Paragraph 1, Subparagraphs 1 to 6, Article 39, Subparagraph 2, or Article 40, Paragraph 1 of the aforementioned act, or subject to punishment that a competent authority imposed in accordance with Articles 46 to 54 of said act.
A securities firm may not additionally include Paragraph 1, Subparagraph 2 as an agreed option until after agreeing on the transfer of funds in Paragraph 1, Subparagraph 2 with the customer, provided the order of accounts shall be pre-designated, and a note added in the event of subsequent changes.
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