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Cathay United Bank fined NT$12 million for internal control lapses 12/29/2020 10:23 PM Image taken from google.com.tw/maps 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.

T ai peiHsin pei shihChang hwaZhanghua xianWu chia jungJoseph yehLin chih chiCathay united bankBanking bureau deputyE sun commercial bankBank sinopacTaiwan financial supervisory commissionChang hwa commercial bankTaishin international bankFinancial supervisory commissionBureau deputy director general lin chih chi