The FSC recently imposed sanctions on Cathay United Bank (the Bank) after discovering that its former wealth manager had misappropriated customers' funds and the Bank had failed to conduct KYC process, and failed to properly establish a check mechanism for operations carried out after solicitation and before submission of application documents, thus violating Article 45-1, paragraph 1 of the "Banking Act" and Article 165, paragraph 3 of the "Insurance Act" in such a way as to impede sound business operations. The FSC imposed administrative fines of NT$12 million on the Bank in accordance with Article 129, subparagraph 7 of the "Banking Act." In addition, under Article 164-1, paragraph 1, subparagraph 1 of the "Insurance Act" and Article 61-1, paragraph 1, subparagraph 2 of the "Banking Act," the FSC also ordered the bank's Banqiao Branch to suspend all conduct of insurance agency business and money trust business for one month.