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
A magnitude 4.9 earthquake struck off Tainan at 11:47am today, the Central Weather Administration (CWA) said. The hypocenter was 32.3km northeast of Tainan City Hall at a depth of 7.3km, CWA data showed. The intensity of the quake, which gauges the actual effect of a seismic event, measured 4 in Tainan and Chiayi County on Taiwan's seven-tier intensity scale, the data showed. The quake had an intensity of 3 in Chiayi City and County, and Yunlin County, while it was measured as 2 in Kaohsiung, Nantou County, Changhua County, Taitung County and offshore Penghu County, the data showed. There were no immediate reports of
Weather conditions across Taiwan are expected to remain stable today, but cloudy to rainy skies are expected from tomorrow onward due to increasing moisture in the atmosphere, according to the Central Weather Administration (CWA). Daytime highs today are expected to hit 25-27°C in western Taiwan and 22-24°C in the eastern counties of Yilan, Hualien, and Taitung, data on the CWA website indicated. After sunset, temperatures could drop to 16-17°C in most parts of Taiwan. For tomorrow, precipitation is likely in northern Taiwan as a cloud system moves in from China. Daytime temperatures are expected to hover around 25°C, the CWA said. Starting Monday, areas
The Chinese Nationalist Party (KMT) is maintaining close ties with Beijing, the Democratic Progressive Party (DPP) said yesterday, hours after a new round of Chinese military drills in the Taiwan Strait began. Political parties in a democracy have a responsibility to be loyal to the nation and defend its sovereignty, DPP spokesman Justin Wu (吳崢) told a news conference in Taipei. His comments came hours after Beijing announced via Chinese state media that the Chinese People’s Liberation Army’s Eastern Theater Command was holding large-scale drills simulating a multi-pronged attack on Taiwan. Contrary to the KMT’s claims that it is staunchly anti-communist, KMT Deputy
RESPONSE: The government would investigate incidents of Taiwanese entertainers in China promoting CCP propaganda online in contravention of the law, the source said Taiwanese entertainers living in China who are found to have contravened cross-strait regulations or collaborated with the Chinese Communist Party (CCP) could be subject to fines, a source said on Sunday. Several Taiwanese entertainers have posted on the social media platform Sina Weibo saying that Taiwan “must be returned” to China, and sharing news articles from Chinese state media. In response, the Mainland Affairs Council (MAC) has asked the Ministry of Culture to investigate whether the entertainers had contravened any laws, and asked for them to be questioned upon their return to Taiwan, an official familiar with the matter said. To curb repeated
RSS