The FSC recently discovered that a former wealth management supervisor at Taiwan Shin Kong Commercial Bank had misappropriated customers' funds and engaged in improper fund transactions with customers. The improprieties showed that the bank, in its handling of deposit and remittance procedures and its monitoring and control of wealth managers, had failed to properly establish and sufficiently implement internal controls. These problems were found to constitute violations of Article 3, paragraph 1 and Article 8, paragraphs 1 and 3 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$8 million upon the Bank in accordance with Article 129, subparagraph 7 of the "Banking Act."