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King’s Town Bank was fined NT$2 million and reprimanded after the FSC found the Bank to have defects in AML reporting, financial product pre-sale review, Know Your Customer procedure, customer money launder risk assessment and continued monitoring, which violatied laws and regulations and disturbed the sound operation

King’s Town Bank Co., Ltd was found to have defects in anti-money laundering reporting, financial product pre-sale review, Know Your Customer procedure, customer money laundering risk assessment and continued monitoring, which violated of Paragraph 3, Article 7 of the Money Laundering Control Act, Article 57 of the Trust Enterprise Act, and Article 30-1 of the Financial Consumer Protection Act, and was thus fined NT$2 million. It was also depended under Subparagraph 1 of Article 61-1 of the Banking Act.
 
Visitor: 719   Update: 2018-07-02