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FOREIGN EXCHANGE | Staff Reporter, 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:

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