Financial regulator fines two more banks over malpracticeTAIPEI -- The Financial Supervisory Commission (FSC, 金管會), the top financial regulator in Taiwan, said it has imposed fines on two banks for malpractice in the trading of target redemption forwards (TRFs). The latest two banks, DBS Bank Taiwan and Taishin International Bank, face fines of NT$10 million (US$313,480) and NT$8 million, respectively, the FSC said. Some banks have even falsified financial statements for corporate customers to hide their TRF trading losses. For example, they failed to inform customers about possible risks associated with TRF trading, consider customer financial backgrounds or loss tolerance. The FSC has now imposed fines of NT$72 million on 16 banks for inappropriate TRF selling practices.

Source: The China Post December 02, 2016 18:32 UTC