Far Eastern International Bank (Far Eastern Bank) signed a Memorandum of Understanding (MOU) with the Taiwan High Prosecutors Office on July 25, establishing a "chain-gold parallel, cross-domain joint defense, and intelligence sharing" framework to combat fraud. The bank handles over 95% of Taiwan's crypto fiat inflows and outflows, processing more than NT$250 billion in VASP fiat flows last year, making it the most partnered bank with domestic VASPs.
Attendees included Minister of Justice Cheng Ming-chien, Prosecutor General Chang Tou-hui, Far Eastern Bank Chairman Chou Tien-tsai, along with representatives from the Financial Supervisory Commission, Taipei District Prosecutors Office, and exchanges XREX, MaiCoin, BitoPro, and ZONE Wallet. This marks the first time a Taiwanese bank has led the integration of heterogeneous data from banks, VASPs, and cross-platform sources into actionable intelligence for judicial investigation, shifting crypto anti-fraud from isolated monitoring to cross-domain collaboration.
Four Key Supports from Far Eastern Bank
Chou Tien-tsai highlighted four pillars: First, the bank's coverage of over 95% of crypto fiat flows gives it unmatched market observation capability beyond single-platform data. Second, it integrates fiat flows, crypto flows, and customer behavior into Taiwan's only "cross-domain crypto intelligence hub." Third, through joint defense with multiple VASPs, it can freeze bank accounts or exchange wallets in real time upon detecting anomalies. Fourth, proprietary analytical models transform suspicious patterns like cross-platform hopping or fund concentration into actionable evidence for prosecutors.
"Our goal is not just to trace after the fact, but to block abnormal funds the moment they appear," Chou said. He summarized the bank's role: "From fiat to crypto, from banks to exchanges, from finance to justice. We protect not just money, but trust."
Anti-Fraud 2.0: One-Year Results Show Sharp Drop in Mule Accounts
Minister Cheng reported that judicial crackdowns on fraud groups rose 47% compared to 2022-2023, while new mule account cases fell 19%, with a further 25% decline in early 2026. A landmark case, the "Prince Group," involved money laundering of NT$10.7 billion; authorities seized NT$5.5 billion in assets, including luxury properties and cars. Far Eastern Bank intercepted NT$110 million in fraud last year and helped return NT$50 million to victims, accounting for one-quarter of all such interceptions nationwide. Its flagged accounts dropped to just 748. Prosecutor General Chang noted mule accounts fell from over 190,000 in 2022 to 93,000 in 2023, a reduction of nearly 100,000. High-risk foreign mule accounts dropped 55% in early 2026. The Virtual Account Warning Center blocked NT$20 billion in victim funds over the past year.
Legal Amendments Increase Penalties for Fraud
Under revised anti-fraud regulations, fraud proceeds exceeding NT$1 million carry a sentence of 3-10 years; over NT$10 million, 5-12 years; and over NT$100 million, 7 years or more. Using minors, persons under 18, or foreigners as money mules increases penalties by half. Defendants who confess within six months and fully repay their settlement can receive reduced sentences. Chang warned that fraudsters are shifting to new methods like QR code cash withdrawals, crypto, and shell companies as mule accounts become harder to obtain. The MOU will link with the Virtual Account Warning Center to streamline fund tracking for investigators. Far Eastern Bank stressed that financial institutions must become key nodes in cross-domain risk governance, not just account guardians.