China’s Financial Supervisory Commission (FSC) has issued fines for and tightened rules on foreign currency derivatives options businesses for seven banks following malpractice in offshore client accounts, including failing to fully check clients’ financial information before opening accounts. Taipei Fubon Commercial Bank, Yuanta Commercial Bank, Ta Chong Bank, Bank Sinopac, CTVC Bank, Cathay United Bank and Jih Sun Bank were fined and the FSC is cracking down on these products as banks have suffered defaults in the past due to currency fluctuations.
Taiwan’s Financial Supervisory Commission (FSC) has issued fines for and tightened rules on foreign currency derivatives options businesses for seven banks following malpractice in offshore client accounts, including failing to fully check clients’ financial information before opening accounts. Taipei Fubon Commercial Bank, Yuanta Commercial Bank, Ta Chong Bank, Bank Sinopac, CTVC Bank, Cathay United Bank and Jih Sun Bank were fined and the FSC is cracking down on these products as banks have suffered defaults in the past due to currency fluctuations.