Focus Taiwan
Date: 12/29/2020
By: Wu Chia-jung and Joseph Yeh

Taipei, Dec. 29 (CNA) Taiwan's Financial Supervisory Commission (FSC) on Tuesday fined Cathay United Bank (國泰世華銀行) NT$12 million (US$422,982) after one of its financial advisors was found to have misappropriated NT$17.32 million from clients' accounts.

FSC Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said the FSC handed out the fine following an investigation lasting several months after first receiving reports from Cathay United Bank in May about the alleged irregularity.

According to Lin, the bank found that an employee surnamed Hung (洪) at its Banqiao branch had misappropriated a large sum of money from four clients over a period of four-years-and-one-month; from March 2016 to March 2020.

In addition to imposing the fine for lapses in the bank's internal control system, the FSC also suspended the bank's Banqiao branch from operating insurance agent business for new clients and financial trust business for a period of one month.    [FULL  STORY]