FSC imposes fines on Bank SinoPac
2022-06-23
The FSC recently imposed fines on Bank SinoPac after discovering that a former employee at the bank had misappropriated customers' funds and engaged in abnormal fund transactions with customers that revealed a failure to properly establish and sufficiently implement internal controls. This failure constituted a violation Article 45-1, Paragraph 1 of the "Banking Act." The FSC therefore imposed an administrative fine of NT$4 million on the bank in accordance with Article 129, Subparagraph 7 of the same Act.
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Update:
2022-06-23