Taishin Bank fined NT$30m for lax internal controlsPROFIT-ORIENTED: The bank’s focus on hitting sales targets while cutting its staff is partly to blame for its failure to spot illegal activities, the FSC saidBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday fined Taishin International Bank (台新銀行) a record NT$30 million (US$1.07 million) for oversight failure, after its staff stole NT$347 million from customers. An E.Sun employee had stolen NT$140 million from 41 clients, while Cathay United Bank’s staff had stolen NT$17.32 million from four clients, data from the commission showed. The entrance to the Dunhua S Road branch of Taishin Bank in Taipei is pictured on Feb. 9. Although some of Chou’s clients applied to reconcile their bank accounts, the bank failed to save the records of account activity for inspection, Huang said. The FSC suspended Taishin Bank’s deputy head of consumer banking, surnamed Lin (林), for three months, saying Lin was responsible for the poor management as he had designed the employee performance assessment, Huang said.

Source: Taipei Times July 22, 2021 15:56 UTC