It was recently discovered that Cathay United Bank had failed to implement mechanisms for reviewing the process of re-encoding magnetic strip of customers’ passbooks, failed to implement the custody and control of tax payment collection stamps and credit card payment collection procedures, and failed to effectively urge the employee to comply with the code of conduct. These problems revealed that the bank had failed to rigorously implement a comprehensive internal control system, which violated regulations in Article 45-1, Paragraph 1 of the Banking Act, and regulations in Article 3, Paragraph 1 and Article 8, Paragraph 1 and Paragraph 3 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries" established based on the authorization therein. The FSC imposed an administrative fine of NT$8 million upon the Bank in accordance with Article 129, subparagraph 7 of the "Banking Act."