The FSC recently discovered that a former employee of the Bank of Taiwan had misappropriated customer funds in a manner that revealed a failure to properly establish and sufficiently implement internal controls and constituted a violation of Article 45-1, Paragraph 1 of the "Banking Act." The FSC therefore imposed an administrative fine of NT$14 million on the Bank of Taiwan in accordance with Article 129, Subparagraph 7 of the same Act.