Regulatory Alerts2025-12-31
Added
Shanghai Commercial Savings Bank Fined 12 Million NTD for Internal Control Failures and Employee Misconduct
The Financial Supervisory Commission imposed a 12 million New Taiwan dollar fine on Shanghai Commercial Savings Bank for failing to establish and execute adequate internal control systems following multiple cases of employee embezzlement totaling 25.6 million NTD. The regulator cited specific deficiencies in detecting abnormal employee behavior, managing system permissions, verifying customer data changes, and enforcing transaction monitoring and integrity cultures. This penalty addresses violations of Article 45-1 of the Bank Act and the Implementation Measures for Internal Control and Audit Systems of Financial Holding Companies and Banks.
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