The Financial Supervisory Commission on Tuesday fined Yuanta Life Insurance Co (元大人壽) NT$1.1 million (US$35,834) for contravening the Money Laundering Control Act (洗錢防制法) and the Insurance Act (保險法).
The insurer breached money laundering regulations, which require a financial institution to conduct customer due diligence whenever there is a known significant change to a customers’ identity or background information, a commission official surnamed Tsai (蔡) said yesterday.
According to a report issued by the Financial Examination Bureau, one customer became a “politically exposed person,” but Yuanta Life did not record the change in its customer due diligence documents, Tsai said.
For this contravention, the commission decided to fine Yuanta Life NT$0.6 million, he said, adding that if there were more contraventions in this case, the fine would be increased.
Yuanta Life was fined an additional NT$0.5 million for failing to revise its internal control and auditing system to comply with the commission’s regulations, Tsai said.
Yuanta Life did not evaluate the costs and benefits in a land development and construction project, or consider the builder’s quality of service, but only the prices it offered, which the commission deems inappropriate, the Insurance Bureau said.
Exaggerated and misleading words were also found in its telemarketing promotion materials, Tsai said.
Yuanta Life said that it had not received the formal ruling from the commission and would carefully review it and improve its practices in accordance with the regulations.
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