Fubon Bank Fined for AML Rule Violation

Taiwan’s FSC (Financial Supervisory Commission) has reportedly fined Taipei Fubon Commercial Bank NT$1 million (US$33,200) for failing to report large cash transactions required by anti-money laundering rules. Under the Money Laundering Control Act, financial institutions are required to report each cash transaction or withdrawal by clients exceeding NT$500,000. A recent FSC-led investigation found that Fubon […]

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