FSC Issues NT$22.38 Million in Fines in Q1, Down 63% Year-on-Year; Both Fines and Cases Decline
Taiwan's Financial Supervisory Commission (FSC) announced that it issued a total of NT$22.38 million in fines in the first quarter, a significant decrease of 63% compared to the same period last year. Both the total fine amount and the number of cases saw a decline.
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The FSC's Banking Bureau announced that in the first quarter, it handled 4 cases with fines totaling NT$900,000. The number of cases was similar to the same period last year, but the fine amount decreased by a significant 96% from NT$24.17 million in the previous year.
The top three fines in the first quarter were: Jko Pay's responsible person was fined NT$600,000 for deficiencies in violating part-time employment restrictions. Secondly, Tombest Co., Ltd. was fined NT$260,000 for inadequate control measures in handling small foreign remittances for migrant workers. Lastly, First Bank and Taipei Fubon Commercial Bank were each fined NT$20,000 for violating personal data protection laws.
The FSC's Insurance Bureau statistics show that in the first quarter, a total of 6 cases were handled, with fines totaling NT$7.55 million, representing a year-on-year decrease of 53% and 52% respectively. The top three fines were: Shin Kong Life was fined NT$3.95 million for deficiencies in real estate and personal data management. Secondly, Cathay Century Insurance was fined NT$1.2 million. Thirdly, Cathay Century Insurance, Shin Kong Life, Taiwan Reinsurance Company, and Hongtai Life were each fined NT$600,000.
The FSC's Securities and Futures Bureau noted that in the first quarter, the securities, futures, and investment trust industries saw 6 cases and fines totaling NT$2.94 million, a decline compared to the 16 cases and NT$8.94 million in the same period last year. For listed and OTC companies, there were 53 cases in the first quarter with fines totaling NT$10.99 million, an increase from the 51 cases and NT$11.48 million in the same period last year, but the fine amount decreased year-on-year.
Observing the larger fines in the securities, futures, and investment trust industries in the first quarter, they were, in order: Hua Nan Securities NT$900,000, Chih Ho Securities NT$600,000, and Mega Securities NT$600,000. (Editor: Yang Kaixiang) 1150408
Keywords: Finance
The top three fines in the first quarter were: Jko Pay's responsible person was fined NT$600,000 for deficiencies in violating part-time employment restrictions. Secondly, Tombest Co., Ltd. was fined NT$260,000 for inadequate control measures in handling small foreign remittances for migrant workers. Lastly, First Bank and Taipei Fubon Commercial Bank were each fined NT$20,000 for violating personal data protection laws.
The FSC's Insurance Bureau statistics show that in the first quarter, a total of 6 cases were handled, with fines totaling NT$7.55 million, representing a year-on-year decrease of 53% and 52% respectively. The top three fines were: Shin Kong Life was fined NT$3.95 million for deficiencies in real estate and personal data management. Secondly, Cathay Century Insurance was fined NT$1.2 million. Thirdly, Cathay Century Insurance, Shin Kong Life, Taiwan Reinsurance Company, and Hongtai Life were each fined NT$600,000.
The FSC's Securities and Futures Bureau noted that in the first quarter, the securities, futures, and investment trust industries saw 6 cases and fines totaling NT$2.94 million, a decline compared to the 16 cases and NT$8.94 million in the same period last year. For listed and OTC companies, there were 53 cases in the first quarter with fines totaling NT$10.99 million, an increase from the 51 cases and NT$11.48 million in the same period last year, but the fine amount decreased year-on-year.
Observing the larger fines in the securities, futures, and investment trust industries in the first quarter, they were, in order: Hua Nan Securities NT$900,000, Chih Ho Securities NT$600,000, and Mega Securities NT$600,000. (Editor: Yang Kaixiang) 1150408
Keywords: Finance