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Major Enforcement Actions

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Seven banks subject to administrative sanction for shortcomings involving staff’s misappropriation of customer funds and abnormal exchange of funds with customers

Seven banks, namely, Hua Nan Commercial Bank, Union Bank of Taiwan, Taishin International Bank, HSBC Bank (Taiwan) Limited, Taiwan Shin Kong Commercial Bank Co. Ltd., CTBC Bank and Cathay United Bank were found to have shortcomings involving staff’s misappropriation of customer funds and abnormal exchange of funds with customers in violation of Paragraph 1 of Article 45-5 of the Banking Act and giving rise to the concern of their sound operation. After taking into account whether banks’ internal control system repeatedly failed, the length of the period of illegal conduct, employees’ financial gains from fraudulent activities and the impact, the FSC imposed fines of NT$2-10 million on the aforementioned seven banks under Subparagraph 7 of Article 129 of the Banking Act, issued reprimands under Paragraph 1 of Article 61-1 of the same act, and order the banks to remove the offending employees from their positions. Moreover, two of the branches involved were barred from conducting trust business for one to three months.

Visitor: 824   Update: 2019-09-06