New York regulators’ fining of Mega Bank last year for lax compliance practices was a wake-up call. In a victory for the nation’s regulators, Taiwan in July was removed from a regional list of countries judged to have insufficient money-laundering controls. Taiwan had spent months revising legislation and pushing its financial institutions to crack down…
Recent cases have revealed that telephone scamming involving Taiwanese swindlers is a big international business. It’s a story that has become all too common. On July 17, Taiwan’s Ministry of Foreign Affairs announced that Cambodia had arrested seven Taiwanese nationals after busting up a telecom fraud ring following a tip-off from China. A ministry spokeswoman…
An examination of the incident shows things that Taiwan did well, plus areas in need of improvement. On July 9 and 10 last summer, the ATM network of the First Commercial Bank in Taiwan was hit by a well-coordinated hack that took control of the system, forcing selected ATM machines to spew cash out to…
A 27-year-old man went on a stabbing spree in Taipei’s metro system, injuring four people in an attack that brought to mind last year’s MRT attack that left four dead and 24 wounded. The suspect, Hsu Li-min, was apprehended at the scene and explained that his actions resulted from his chronic joblessness and “bad mood.”…
