If an offshore banking branch commits any of the following acts, its responsible person shall be punishable by a fine of not less than One Million New Taiwan Dollars (NT$1,000,000) and not more than Five Million New Taiwan Dollars (NT$5,000,000):
1.Conducting any business not provided for in Article 4, paragraph 1 of this Act,
2.Violating Articles 7, 8 or 9 of this Act,
3.Failing to submit the reports required under Article 20 of this Act, or failing to provide the information concerning the business or financial conditions or other reports pursuant to the same Article,
4.Failing to pay the license fee of offshore banking branch.
In the cases where the violations continue even after the punishment, the competent authorities may impose an additional fine of two to five times the original amount imposed amount shall be imposed each time. In addition, if the above deed is a serious one, the competent authority may impose the following punishments:
1.Suspension of the said offshore banking branch's business operations for a specified period of time; or
2.Revocation of the license of the said offshore banking branch.