New regulations from the Financial Supervisory Commission: In the future, transfers will require mandatory disclosure of the "recipient's name" to reduce the risks of transaction errors and fraud.

The FSC announced that it will disclose the names of some beneficiaries in future transfers to help the public compare information, reduce the risk of remittance errors and fraud, and strengthen the coordination mechanism between banks and the police. (Summary: 6 key points of the public hearing of Taiwan's Crypto Law "Virtual Asset Services Act": If the unlicensed business is involved in fraud, it will be aggravated!) (Background supplement: Taiwan's new system is on the road: accounts are frozen "cannot be withdrawn and transferred" without trading for half a year, users complain about nuisance) Taiwan's FSC announced at the national general manager contact meeting on June 24 that it will promote domestic banks to disclose the names of payees when transferring online banking, mobile banking and ATM transfers, and financial companies will be responsible for adjusting relevant system specifications, aiming to reduce people's remittance errors and prevent fraud. In simple terms, after the sender enters the account number in the future, the system will automatically display the payee name for comparison. Main measures and impact According to Taiwan media reports, the FSC proposed three key measures: 1. Plan to check the payee's account name when transferring funds through online banking, mobile banking and ATMs, so that the sender can display the account name in the system when entering the account number to reduce transfer errors Second: Strengthen the notification mechanism, if the payee receives a notice from the bank or is willing to assist in processing, the bank must notify the payee in a variety of ways 3. Establish a coordination mechanism between financial institutions and police agencies to assist in handling misremittance and fraud prevention cases. The FSC emphasised that the disclosure of account names must still comply with the personal data protection regulations, and banks will not display their full names, for example, "Wang Xiaoming" will only be displayed as "Wang ○ Ming". In addition, if it is difficult for the payee to contact or refuses assistance, banks are required to adopt alternative notification methods and strengthen cooperation with the police to improve the efficiency of recovery of funds. In terms of establishing a coordination mechanism between financial institutions and police agencies, the FSC has requested the assistance of the Police Department of the Ministry of the Interior to inform local police agencies to conduct prudent investigations, strengthen anti-fraud efficiency, and advocate to the public to first contact the beneficiary banks for assistance and reduce the waste of judicial resources. Can it fight fraud? To put it simply, the FSC's push to disclose payees' account names this time is expected to reduce the risk of remittance errors and fraud, while taking into account personal data protection and financial security. The relevant financial companies will be responsible for the implementation of the technology, and supporting measures will be promoted one after another. But how much effect it can bring after officially hitting the road is more time to see. Related reports U.S. Chamber of Commerce white paper warns of "power shortage in Taiwan": unstable energy supply threatens semiconductor AI development Taiwan's big brother "virtual asset exchange TWEX" announced its listing! Fubon Group is optimistic about crypto finance, Tsai Mingzhong demonstrates buying bitcoin Huang Jenxun: NVIDIA Taiwan headquarters is located in Beishike! Shipai, Tianmu shouted "Huida housing area" ready to rise [Financial Regulatory Commission's new system: future transfer plans to forcibly disclose the "payee's name" to reduce transaction errors and fraud risks" This article was first published in BlockTempo "Dynamic Trend in Dynamic Area - The Most Influential Blockchain News Media".