Taiwan Life continues to enhance its compliance system and relevant measures, and conducts compliance self-evaluations half-annually to ensure that all business and operations comply with the regulatory requirements. We have formulated Compliance Risk Assessment and Reporting Guidelines and have completed the Compliance Risk Assessment Report before the end of April in each year in accordance with the regulations. The assessment results and optimization measures are reported to the Board of Directors.
Each unit is required to comply with external laws and regulations when conducting business. If there is any violation, the Compliance Department is responsible for supervising each unit to analyze the reasons for the deficiency, evaluate the potential impact, and put forward improvement plans. The Chief Compliance Officer also reports to the Board of Directors and the Audit Committee half-annually, so that the Board of Directors and relevant senior management are informed of the implementation status of legal compliance matters.
AML/CFT Compliance
In accordance with the Money Laundering Control Act, Counter-Terrorism Financing Act, and Regulations Governing Anti-Money Laundering of Financial Institutions, Taiwan Life has formulated relevant internal policies and guidelines to improve its AML/CFT systems. The Company also actively promotes related education and training. Senior managers are required to attend the training every year, and Taiwan Life requires all employees to regularly attend AML courses. Moreover, we have established an AML/CFT Committee, which is chaired by the President, with the division-level supervisors of relevant units serving as members. The committee holds meeting once every quarter.