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.
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