Failing to completely file reports on cash transactions above a certain amount at CHB from Mar, 2015 to Feb, 2016, which were uncovered in an account opening and anti-money laundering targeted examination conducted by FSC, violated Paragraph 1 of Article 7 of the MLCA, FSC penalizes CHB as follows:
1. Penalized Institution: CHB
2. Legal bases: Paragraph 1 of Article 7 of the MLCA and article 4 of Regulations Governing Cash Transaction Reports and Suspicious Transaction Reports by Financial Institutions (RGC&STR).
3. Among the findings of the FSC investigation: With respect to transactions that met the reporting requirements of MLCA, CHB failed to log in to the computer large amount databank transactions data or mistakenly deleted data, resulting in the failures to file reports on transactions as required by regulations. Also, CHB failed to file reports on the credit card payments of more than NT$500,000 to Investigation Bureau, Ministry of Justice. Such transactions were not eligible for reporting exemption under Sub-paragraph 4 of Article 5 of the regulations, although CHB verified the identity of the customer and kept the transaction records thereof. Failing to file reports on transactions above violated paragraph 1 of Article 7 of the MLCA and article 4 of RGC&STR.
4. Penalty: According to Paragraph 3 of Article 7 of the MLCA, FSC fines CHB NT$1.8 million.
5. Other requirements: CHB shall improve employee training program, compliance, reporting mechanism and computer system.

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