The Financial Supervisory Commission (FSC) last week fined Taishin International Bank (台新銀行) NT$1 million (US$32,494) for contravening the Money Laundering Control Act (洗錢防制法) after the bank failed to report some cash transactions of more than NT$500,000.
It did not report the transactions to the Ministry of Justice, as it mistakenly thought that it did not need to because its client was a financial agency, Banking Bureau Deputy Director Wang Li-chun (王立群) told a news conference on Tuesday.
“The bank had a complete misunderstanding of the law. Regardless of the client’s identity, any transaction greater than NT$500,000 must be reported to the ministry,” Wang said.
In addition, the client was security service company withdrawing the money to replenish automated teller machines (ATMs), so it is not the same as a financial institution, he said.
The commission said it had found dozens of such unreported transactions when inspecting the bank’s transactions between August 2016 and August 2017.
However, given that the bank had made improvements since then, the commission decided to impose a much lower fine than the possible maximum of NT$10 million, Wang said.
Local banks have often failed to review the purpose of transactions, which raises suspicions about money laundering, the Financial Examination Bureau said in a report released on Wednesday.
They have also failed to clearly specify their clients’ identities, nor have they maintained the information on their clients obtained through their due diligence, it said.
The Financial Examination Bureau’s report urged banks to make improvements.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”