The FSC recently imposed a fine on Yuanta Commercial Bank Co., Ltd. after discovering that a former wealth manager at the bank had engaged in abnormal fund transactions with customers and taken part in other improper behavior. These deficiencies revealed that the bank, in overseeing the behavior of its wealth managers and checking on the conduct of service counter transactions, had failed to properly implement internal controls, and had not carried out risk-driven audits of material contingencies. These failures constituted violations of Article 45-1, Paragraph 1 of the "Banking Act" as well as Articles 3 and 8, Paragraph 1, Subparagraph 2, Items 6 and 10; and Article 8, Paragraph 3 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries", enacted in accordance with Article 45-1, Paragraph 1 of the “Banking Act”. The FSC therefore imposed an administrative fine of NT$6 million on the bank in accordance with Article 129, Subparagraph 7 of the same Act.