The FSC recently imposed an administrative fine on CTBC Bank after discovering that a former wealth manager at the bank had embezzled client funds, recommended that clients carry out multiple transactions within a short period of time, and executed online banking transactions on customers' behalf. These weaknesses showed that the bank was not properly conducting continuous monitoring of deposit accounts or transactions, and it had failed to establish and properly implement an internal control system. These deficiencies constituted simultaneous violations of Article 9 of the "Regulations Governing Anti-Money Laundering of Financial Institutions" (issued upon the authority of Article 7, paragraph 4 of the "Money Laundering Control Act"), Article 45-1, paragraph 1 of the "Banking Act," and Article 3, paragraph 1 as well as Article 8, paragraphs 1 and  3 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries" (issued upon the authority of Article 45-1, paragraph 1 of the "Banking Act").  Pursuant to Article 24, Paragraph 1 of the Administrative Penalty Act, the FSC hereby imposed an administrative fine of NT$10 million on CTBC Bank pursuant to Article 129, Subparagraph 7 of the Banking Act.