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KGI Bank was fined NT$8 million

When conducting foreign currency trading KGI Bank was found to have failed to establish or to properly implement risk management and internal control systems, allowing a trader surnamed Ke to engage in illegal foreign currency trading in violation of Paragraph 1, Article 45-1 of the Banking Act and giving rise to concern about the soundness of operations. The bank was thus fined NT$8 million under Subparagraph 7, Article 129 of the same Act; under subparagraphs 2, 3 and 5, Paragraph 1, Article 61-1 of the Act. The Bank was also ordered to halt financial transactions outside of daytime trading time for three months from the date the sanction takes effect but not including covering and hedging transactions for existing customers. The bank will only be allowed to restart such trading when the FSC decides that improvements have been made; the bank was also ordered to relieve the trader surnamed Ke from his position and suspend the manager surnamed Huang for three months.
Visitor: 960   Update: 2018-08-05