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:
Do you know more about this story? Contact us anonymously through this link.