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
2018-06-14
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.
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Update：
2018-07-02