Lawmakers yesterday approved amendments to the Banking Act (銀行法) to raise the maximum fine for banks that have committed major breaches of internal control and audit regulations or fail to comply with financial audits from NT$10 million to NT$50 million (US$324,307 to US$1.62 million)
Banks or other financial institutions that have not established internal controls or auditing measures would be fined between NT$2 million and NT$50 million, but those that have committed minor breaches may be exempt from punishments, the amendments state.
Bank executives or employees who destroy, conceal or falsify financial statements or refuse to open their records during a financial examination would face the same fines.
Photo: CNA
To promote cooperation between the nation’s financial regulators and their foreign counterparts, the government or other commissioned institutions can enter into agreements or protocols of cooperation, the amendments state.
The Financial Supervisory Commission may request information it deems necessary from the entities with which it has an agreement or protocol of cooperation, and may provide any information requested from these entities as long as it does not affect the interests of the public or the nation, they say.
Banks or financial institutions that have committed major breaches and do not make the necessary improvements within a prescribed period could have their supervisor removed or be closed down, they say.
The scope of the act has been extended to cover the operations of credit card companies to offer credit cardholders better protection.
Chinese Nationalist Party (KMT) Legislator William Tseng (曾銘宗), a sponsor of the amendments, said the changes are aimed at encouraging the banking sector to strictly adhere to internal control, auditing and compliance measures to protect the rights of clients through stiffer fines and granting the commission more power when taking action against offenders.
The commission said that the amendments would bring about better legal compliance at financial institutions and boost the efficiency of financial supervision, thereby curbing cross-border financial crimes and upholding security and order on the nation’s trading floors.
Additional reporting by CNA
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