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Land Bank of Taiwan fined NT$1 million

Land Bank of Taiwan failed to carry out reporting of large-amount cash transactions, reported after the statutory time limit and merged multiple large-amount cash transactions when reporting, in violation of Paragraph 1 , Article 7 of the Money Laundering Control Act and Article 4 of the Regulations Governing the Reporting of Cash Transactions over a Certain Amount and Suspected Money Laundering Transactions by Financial Institutions. Under Paragraph 3, Article 7 of the aforementioned Act, the FSC imposed a fine of NT$1 million on Land Bank of Taiwan.
 
The FSC added that the Money Laundering Control Act, which was amended on December 28, 2016 and the amendments that came into effect on June 28, 2017, raised the fine range for violating the regulations on the reporting of cash transactions over a certain amount and suspected money laundering transactions from NT$200,000 to NT$1 million to NT$500,000 to NT$10 million, and also added a fine of NT$500,000 to NT$10 million for failure to meet the requirements regarding confirmation of customer identity and record preservation by financial institutions. Financial institutions that violate the regulations after the amended Money Laundering Control Act came into effect will be fined according to the aforementioned new regulations.
 
Visitor: 2515   Update: 2018-04-11