| Article 22-1 |
In the event of any of the following violations of the regulations stipulated pursuant to Article 5, paragraph 2 by an offshore banking branch, a fine of not less than NT$1,000,000 and not more than NT$5,000,000 shall be imposed:<br/>1.Any violation of restrictions on single customer credit extensions related party lending or other transaction restrictions;<br/>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.<br/>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.<br/>If any defects remain uncured after an offshore banking branch has been punished according to the preceding paragraph, a fine of two to five times the original amount imposed shall be imposed each time consecutively, and the following punishments may be imposed in severe situations:<br/>1.suspension of the said offshore banking branch's business operations for a specified period of time; or<br/>2.Revocation of the license of the said offshore banking branch.<br/>After the offshore banking branch has been punished in accordance with the preceding Article or the preceding two paragraphs, it may claim reimbursement from the person(s) responsible for the violations. |
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