The FSC recently imposed fines on CTBC Bank after discovering that a former relationship manager at the bank had engaged in abnormal fund transactions with customers that revealed deficiencies in the bank's handling of anti-money laundering operations and a failure to properly establish and sufficiently implement internal controls. These failure constituted a violations of Article 45-1, Paragraph 1 of the "Banking Act." The FSC therefore imposed an administrative fine of NT$14 million on the bank in accordance with Article 129, Subparagraph 7 of the same Act.