The FSC recently discovered that the manner in which Union Bank of Taiwan conducted the opening of accounts and large-amount service counter cash withdrawals involved deficiencies that constituted violations of both Article 45-1, paragraph 1 of the "Banking Act" and Articles 3 and 8 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries" (which were issued upon the authority of the aforementioned provision of the "Banking Act"). The FSC imposed an administrative fine of NT$12 million upon the Bank in accordance with Article 129, subparagraph 7 of the "Banking Act."