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Taichung Commercial Bank, insurance unit fined NT$10.8M

Taiwan's Financial Supervisory Commission fined Taichung Commercial Bank Co. Ltd. and its unit Taichung Bank Insurance Brokers Co. Ltd. NT$10.8 million in total for inadequate internal controls.

The regulator said Jan. 7 that it fined the insurer NT$4.8 million after a 2018 inspection found that it failed to properly handle complaints and justify entertainment fees, while handing bonuses to below-par sales staff.

Taichung Commercial Bank was fined NT$6 million for failing to detect and remedy its unit's failings, despite inspecting it twice a year, the FSC said Jan. 8.

The lender was also banned from setting up branches in Taiwan, excluding rural areas in need of financial services, and from allowing staff to privately handle transactions and loans, among other things, on behalf of the client.

As of Jan. 7, US$1 was equivalent to NT$30.06.