Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Standard Chartered Fined by Taiwan After Employee’s Embezzlement

Standard Chartered Fined by Taiwan After Employee’s Embezzlement
The logo of Standard Chartered Plc is displayed outside the company's headquarters in London. Photographer: Simon Dawson/Bloomberg

Feb. 27 (Bloomberg) -- Standard Chartered Plc was fined NT$5 million ($168,500) for inadequate internal controls after an employee in Taiwan embezzled funds through a credit card business-related loophole.

The Financial Supervisory Commission also ordered the bank to fire the employee in the case, according to a statement on its website yesterday.

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

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

Standard Chartered in December agreed to pay $327 million of fines to U.S. authorities after regulators alleged it violated U.S. sanctions with Iran.

To contact the reporters on this story: Andrea Wong in Taipei at awong268@bloomberg.net; Stephanie Tong in Hong Kong at stong17@bloomberg.net

To contact the editor responsible for this story: Debra Mao at dmao5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.