The FSC recently discovered deficiencies in Taipei Fubon Bank's handling of anti-money laundering operations that revealed a failure to properly establish and sufficiently implement internal controls. This failure constituted a violation of Article 45-1, paragraph 1 of the "Banking Act." The FSC therefore imposed an administrative fine of NT$2 million on Taipei Fubon Bank in accordance with subparagraph 7 of Article 129 of the same Act.