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Cathay United Bank fined NT$12 million for internal control lapses
12/29/2020 10:23 PM
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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.
FSC awards First Commercial Bank D-SIB status
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday designated First Commercial Bank (第一銀行) the nation’s sixth domestic systemically important bank (D-SIB).
In June last year, the commission designated CTBC Bank (中國信託銀行), Cathay United Bank (國泰世華銀行), Taipei Fubon Bank (台北富邦銀行), Mega International Commercial Bank (兆豐銀行) and Taiwan Cooperative Bank (合庫銀行) D-SIBs due to their importance to the banking system.
To meet D-SIB status, the commission reviews the bank’s market capitalization, its interconnectedness with its peers, its substitutability with its peers in relation to functions and services, and the complexity of its operations, in line with standards set by the Basel Committee on Banking Supervision, it said.