The FSC recently discovered deficiencies in Jkopay's lending  funds to related parties that revealed a failure to properly implement internal controls in a manner that violated  Article 30 of "The Act Governing Electronic Payment Institutions" ("the Act") and impeded sound business management. The FSC therefore imposed an administrative fine of NT$1.8 million in accordance with Subparagraph 16, Article 48 of the Act. In addition, acting in accordance with Subparagraph 4, Paragraph 1, Article 35 of the Act, the FSC suspended Jkopay's Chairman Hu from his duties as a company director for one year.