FSC fines Cathay UnitedBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) has fined Cathay United Bank (國泰世華銀行) NT$12 million (US$420,949) over lapses in its internal controls after an employee stole NT$17.32 million from four clients, the commission told a news conference in New Taipei City on Tuesday. A customer relationship manager surnamed Hong (洪) at a Cathay United branch in New Taipei’s City’s Banqiao District (板橋) from March 2016 to March took advantage of his clients’ trust to pocket their cash, the commission said. A Cathay United Bank branch is pictured in Taipei in an undated photograph. The FSC found that Cathay United failed to set up solid internal controls and did not implement risk management controls, he said. For the year to date, the FSC has fined five banks over staff stealing a combined NT$336 million from clients, it said.

Source: Taipei Times December 30, 2020 15:56 UTC