Standard Chartered Employee In Taiwan Fined For Embezzlement - Report

Chrissy Coleman Asia Correspondent 28 February 2013


Standard Chartered, the UK-listed bank has been fined NT$5 million ($168,500) for slack internal controls, after an employee in Taiwan embezzled funds through a credit card business-related loophole, Bloomberg has reported.

According to the media report, the Financial Supervisory Commission said it has also ordered the bank to dismiss the employee in question.

“We respect the regulator’s decision and we take this matter seriously…This is an isolated incident and we have taken actions to prevent re-occurrence,” Joyce Li, a Hong Kong-based spokeswoman at Standard Chartered, told the publication an e-mail.

This was the second time in less than a year that Taiwan’s financial regulator penalised the London-based bank. The FSC fined Standard Chartered NT$6 million in August over loose customer data controls, and barred the lender from accepting faxed applications for credit loans for the rest of 2012, the report said.

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