Regulatory Alerts2025-05-08
Added
Case Involving Deficiencies of Shin Kong Commercial Bank Regarding Abnormal Mailing Addresses for Collection Letters and Misplaced Credit Card Statement Data
The Financial Supervisory Commission of Taiwan imposed a NT$6 million fine on Shin Kong Commercial Bank for systemic failures in its internal controls and outsourcing oversight that resulted in abnormal collection letter addresses and misprinted credit card statements. The penalty addresses violations of the Banking Act and related internal control regulations stemming from untested system parameter changes and inadequate vendor supervision, which exposed 1,447 customers to potential personal data breaches. The decision mandates immediate payment within ten days and outlines the legal procedures for administrative appeal or enforcement action in case of non-compliance.
Topics
Share