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Article NO. Content

Title:

Offshore Banking Act  CH

Amended Date: 2016.12.28 
Article 22-1 In the event of any of the following violation of the regulations stipulated pursuant to Article 5, paragraph 2 by an offshore banking branch, 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) shall be imposed:
1.Any violation of restrictions on single customer credit extensions related party lending or other transaction restrictions;
2.Any concealment or destruction or hindrance or refusal of inspection of related documents or upon reasonable lack of response to questions from regulatory auditors or the competent authorities.
3.Any violation of any limitation set by the competent authorities on the type and amount of foreign currency securities invested by offshore banking branches.
If any defects remain uncured after an offshore banking branch has been punished according to the preceding section, a fine of two to five times the original amount imposed shall be imposed each time, and the following punishments may be imposed in serious situations:
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.
After the offshore banking branch has been punished in accordance with the preceding Article or the preceding two sections, it may claim reimbursement from the person(s) responsible for the violations.