Regulatory Alerts2025-03-11
Added
Financial Supervisory Commission Penalty Against Bank of Taiwan for Internal Control Deficiencies
The Financial Supervisory Commission imposed a NT$22 million fine on Bank of Taiwan for failing to establish and execute adequate internal control systems regarding employee conduct and transaction monitoring. The penalty addresses specific violations where former employees engaged in improper fund transfers and acted on behalf of clients, exploiting gaps in the bank's anti-money laundering and customer due diligence protocols. The regulator cited breaches of the Banking Act and the Implementation Measures for Internal Control and Audit Systems of Financial Holding Companies and Banks as the legal basis for the sanction.
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