Regulator Fine CTBC Bank NT$4 Million Over Internal Control Deficiences
CTBC Financial (TPE:2891) unit CTBC Bank has been fined NT$4 million by Taiwan's Financial Supervisory Commission over internal control deficiencies linked to fund misappropriation by a former employee, according to a Thursday Taiwan Exchange filing. The regulator found shortcomings related to the misappropriation of ATM settlement funds and interbank clearing funds, saying the bank had breached Taiwan's Banking Act and rules governing internal audit and internal control systems. CTBC Bank said it will implement corrective measures in line with the regulator's instructions, adding that its operations remain unaffected.
CTBC Financial (TPE:2891) unit CTBC Bank has been fined NT$4 million by Taiwan's Financial Supervisory Commission over internal control deficiencies linked to fund misappropriation by a former employee, according to a Thursday Taiwan Exchange filing.
The regulator found shortcomings related to the misappropriation of ATM settlement funds and interbank clearing funds, saying the bank had breached Taiwan's Banking Act and rules governing internal audit and internal control systems.
CTBC Bank said it will implement corrective measures in line with the regulator's instructions, adding that its operations remain unaffected.