The FSC recently imposed a fine on Cathay United Bank after discovering that there were deficiencies in the bank's mechanisms for monitoring fund transactions between relationship managers (or their related accounts) and customers, and for monitoring them logging into online accounts with the same IP address. The bank had either failed to supervise its employees to adhere to the code of ethical conduct. These problems constituted violations of Article 3, paragraph 1, and Article 8, paragraph 1 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 Article 45-1, paragraph 1 of the "Banking Act"). The FSC therefore imposed an administrative fine of NT$12 million on Cathay United Bank in accordance with Article 129, subparagraph 7 of the same "Banking Act."