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Taichung Bank Branch 10 Suspected of Aiding a Fraud Ring in Money Laundering; Financial Supervisory Commission Fines It NT$32 Million, the Largest Fine in History
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On December 12, the Financial Supervisory Commission (FSC) announced a heavy fine of NT$32 million against Taichung Commercial Bank. This was primarily due to significant deficiencies in the bank's operations at 10 branches, including issues with corporate account opening, monitoring of abnormal transactions, and reporting of suspected money laundering. These deficiencies even led to the bank being used as a money laundering channel by fraud syn…
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