Chiu Shu-chen, deputy director general of the Banking Bureau, FSC, expressed that the FSC issued decree to Bankers Association yesterday for
notifying banks about the liberalization move.
Despite being part of one of the largest asset managers in the world, BIM's systems were simply not adequate, and the basic step of
notifying banks that the money was held on trust for clients was not done.
Stratfor said it had contracted a "leading identity theft protection and monitoring service" and urged members to take their own precautions, including
notifying banks about any suspicious credit card activity.
Meanwhile, Reuters reported that the regulator had started
notifying banks about the procedure and has also informed the Banking Regulation and Supervision Agency (BRSA) which will have the task to check whether the financial institutions have contravened competition regulations.
He added each bank has its own cheque limit and amounts which exceed this are examined, but it was "not practical" for all cheques to be physically verified and victims
notifying banks of missing funds or cheques was vital in the fight against fraud.
