The FSC recently imposed an administrative fine of NT$6 million on Citibank Taiwan Limited (the Bank) after discovering that a former wealth management specialist recommended customers to invest in financial products not provide by the Bank and facilitated financial trades on their behalf. These problems were found to constitute violations of Article 45-1, paragraph 1 of the "Banking Act" as well as Articles 3 and 8 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries," which were issued upon the authority of Article 45-1, paragraph 1 of the "Banking Act". The amount of the penalty was set in accordance with the provisions of Article 129, subparagraph 7 of the "Banking Act."