Regulatory Alerts2025-12-18
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Cooperatives Bank Taipei Branch Employee Theft Incident: Violation of Banking Act and Internal Control Regulations
The Financial Supervisory Commission imposed a NT$6 million fine on Cooperatives Bank for failing to establish and execute internal controls after a branch employee's cash was stolen during an external collection. The violation stemmed from the employee bypassing mandatory two-person escort rules and secure transport protocols, while internal audit mechanisms failed to detect the procedural breaches. This penalty addresses the bank's non-compliance with the Banking Act and the Implementation Measures for Internal Control and Audit Systems of Financial Holding Companies and Banks.
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