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Taiwan regulator fines 7 banks NT$13M over various violations

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Taiwan regulator fines 7 banks NT$13M over various violations

Taiwan's Financial Supervisory Commission imposed fines totaling NT$13.0 million on seven banks, including Citibank Taiwan Ltd. and Taiwan Business Bank Co. Ltd., over various violations.

The financial regulator said in an Oct. 17 statement it fined Citibank Taiwan NT$5.0 million over errors in clients' bank accounts, which reflected insufficient stability and control in its internal systems.

In a separate Oct. 17 release, the FSC said it fined six other banks over improper practices related to their lending to New Site Industries Inc.

The regulator fined Taiwan Business Bank NT$2.0 million, O-Bank Co. Ltd. NT$2.0 million, Hua Nan Commercial Bank Ltd. NT$1.5 million, Cathay United Bank Co. Ltd. NT$1.0 million, First Commercial Bank Co. Ltd. NT$1.0 million and Taiwan Cooperative Bank Ltd. NT$500,000, according to the release.

Some executives at New Site Industries allegedly falsified bank accounts to obtain and then default on NT$8.2 billion of loans from 14 lenders, Taipei Times reported Oct. 16, citing Taipei prosecutors.

As of Oct. 17, US$1 was equivalent to NT$30.64.