Fubon bank fined for violating money laundering act

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June 13 2017

The Taipei Fubon Commercial Bank has been fined NT$1 million (US$33,200) for failing to file reports on large cash transactions as required by the Money Laundering Control Act, the Financial Supervisory Commission (FSC) said Tuesday. The incident is the second time the FSC has fined a local bank over such violations following a NT$1.8 million fine that was imposed on Chang Hwa Commercial Bank earlier this year. Under the Act, financial institutions are required to report to relevant authorities each cash transaction or withdrawal by their clients that exceeds NT$500,000.