The Financial Supervisory Commission (FSC) yesterday fined Bank SinoPac (永豐銀行) and E.Sun Commercial Bank (玉山銀行) NT$12 million (US$400,027) each for contravening the Banking Act (銀行法) after their consultants stole a total of NT$100 million from clients.
They were the largest fines issued to banks in a single case after amendments to the act took effect on Jan. 1, allowing the commission to fine banks up to NT$50 million for such contraventions, from NT$10 million.
A Bank SinoPac financial consultant surnamed You (游) stole about NT$70 million from eight clients over four years starting in November 2015, the commission said.
You, who was working in the bank’s Zhongxiao branch in Taipei, asked his clients to file certain documents and transfer money after suggesting that they redeem their investments, buy new insurance policies or pay their premiums in advance, it said.
You took advantage of his clients’ trust and neglected to confirm their investments, transferred the money to his account or other accounts, and spent the money on his own investments, the commission said.
The bank was fined because it failed to monitor its financial consultants and set up an effective mechanism to detect suspicious fund transfers, the commission said.
An E.Sun Commercial Bank consultant surnamed Tsai (蔡), who worked at a branch in New Taipei City’s Banciao District (板橋), stole NT$30 million from two clients from 2014 to last year, it said.
Tsai terminated his clients’ term deposits, redeemed their investments and transferred the money to new accounts that he opened under the name of the two clients, the commission said.
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