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Taiwan regulator fines Bank SinoPac, E.SUN Commercial Bank over stolen funds

Taiwan's Financial Supervisory Commission fined Bank SinoPac Co. Ltd. and E.SUN Commercial Bank Ltd. NT$12 million each for their failures to monitor their consultants and detect suspicious fund transfers, the Taipei Times reported Jan. 22.

The banks were fined after their consultants stole money from clients. Bank SinoPac was fined after a financial consultant of the bank stole about NT$70 million from eight clients over a four-year period starting in November 2015, while an E.SUN Commercial Bank consultant stole NT$30 million from two clients from 2014 to 2019, the regulator reportedly said.

As of Jan. 21, US$1 was equivalent to NT$30.06.