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Taiwan regulator fines Taichung Commercial Bank for violation of trust law

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Taiwan regulator fines Taichung Commercial Bank for violation of trust law

Taiwan's Financial Supervisory Commission fined Taichung Commercial Bank Co. Ltd. NT$1.8 million for asking bank staff to bear losses when funds sold to customers generated losses.

Between June 2016 and January, staff at the bank's Tucheng branch had to make up the difference between returns promised to five customers and returns generated by funds out of their own pocket, violating trust-related laws.

As of Oct. 13, US$1 was equivalent to NT$30.16.