The FSC recently imposed sanctions on Taishin International Bank after discovering that its wealth managers had misappropriated customers' funds and engaged in abnormal fund transactions with customers and improper business activities. The laws and regulations violated were: (a) Paragraph 1 of Article 45-1 of the Banking Act and (b) Article 6 and Subparagraphs 4 & 6 of Paragraph 1 of the "Regulations Governing the Implementation of Internal Control and Audit System and Business Solicitation System of Insurance Agent Companies and Insurance Broker Companies" which were issued by the FSC upon the authority of Paragraph 3 of Article 165 of the "Insurance Act." As a result, the FSC imposed an administrative fine of NT$30 million under Article 24 of the "Administrative Penalty Act" and Subparagraph 7 of Article 129 of the "Banking Act." Also, the FSC issued an official reprimand and ordered the bank to suspend the deputy head of the bank’s Retail Banking Group for three months in accordance with Paragraph 1 of Article 61-1 and Subparagraph 6 of Paragraph 1 of Article 61-1 of the "Banking Act." In addition, acting in accordance with Subparagraph 1 of Paragraph 1 of Article 164-1 of the "Insurance Act" and Subparagraph 2 of Paragraph 1 of Article 61-1 of the "Banking Act," the FSC also ordered the bank's Ximen Branch and Beida Branch to suspend all conduct of insurance agency business with new customers for three months. This suspension will remain in force until the FSC determines that proper corrective action has been taken.