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CTBC Bank Fined NT$10 Million for Former Employee’s Misconduct

Fraud, Bribery & CorruptionCTBC Bank Fined NT$10 Million for Former Employee's Misconduct

The FSC has recently imposed a fine on CTBC Bank due to serious misconduct by a former wealth manager. This employee embezzled client funds, advised clients to engage in rapid transactions, and conducted online banking on behalf of customers. These actions revealed significant shortcomings in the bank’s continuous monitoring of accounts and transactions, as well as a failure to establish and enforce an internal control system. These deficiencies constituted simultaneous violations of various financial regulations, including the “Regulations Governing Anti-Money Laundering of Financial Institutions,” the “Banking Act,” and the “Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries.”

In accordance with the Administrative Penalty Act, the FSC has imposed a fine of NT$10 million on CTBC Bank, as stipulated in the Banking Act.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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