2023-09-27 06:03:51
Due to the chaos caused by DBS Bank’s merger with Citigroup, legislator Jiang Yongchang revealed the bank’s internal letter to the Finance Committee of the Legislative Yuan today (27th), giving examples of 12,599 tax refunds and remittance errors, refuting the statement that “it is just a sporadic case”, and pointing out the deposits from There are problems in every aspect, from remittance, credit, credit card, asset management to money laundering prevention. It is by no means “unable to recognize difficult words without problems”. Huang Tianmu, chairman of the Financial Supervisory Committee, agreed at the meeting to instruct DBS Bank to conduct an inventory. If the explanation is unclear, the Financial Supervisory Committee will provide further supervision.
Legislator Jiang Yongchang refuted the sporadic theory of the chaos caused by DBS Bank and Citigroup, citing tens of thousands of transaction errors, and Huang Tianmu ordered an investigation.
Jiang Yongchang pointed out that since DBS officially merged with Citigroup on August 12, chaos has occurred frequently, ranging from debit cards sent to the wrong person to credit cards stolen. However, the Financial Supervisory Commission and DBS Bank have the same tone, claiming that this is just a sporadic case.
Jiang Yongchang said that according to statistics from the Financial Supervisory Commission, in just 20 days from August 12 to August 31, the Financial Supervisory Commission has received 250 complaints regarding DBS Bank, an average of 12 a day. Jiang Yongchang further revealed internal letters from DBS Bank, showing that on September 12 alone, DBS Bank had made errors in 12,599 tax refund and remittance payments. Jiang Yongchang questioned whether the sporadic cases between the Financial Supervisory Commission and DBS Bank were tens of thousands of affected transactions?
Huang Tianmu said, “Any problem that arises for any customer of the bank is the responsibility of the Financial Supervisory Commission, and it will supervise the bank to improve it.” DBS Bank will be asked to provide an explanation. Regarding the content of Jiang Yongchang’s inquiry, the Banking Bureau will also contact DBS Bank for explanation. He said “If the explanation is not clear, the Financial Supervisory Commission will provide further supervision.”
Jiang Yongchang bluntly stated that this is not the only problem of DBS Bank. DBS Bank has problems in every aspect, from deposits, credit, credit cards, asset management to money laundering prevention. It is clear that the Financial Supervisory Commission has major loopholes in its supervision.
Jiang Yongchang said that the currently affected customers have a risk rating that has changed from low to high, so it is easy to check; what regarding those accounts that have changed from high to low and whose accounts were originally frozen at Citi, but can be traded normally at DBS? Jiang Yongchang questioned, is there a problem that the money laundering prevention system has not been implemented?
Jiang Yongchang pointed out that during the handover between DBS Bank and Citibank, a handover committee was established to supervise the handover business. Jiang Yongchang asked the Financial Supervisory Commission directly: Before the handover day, did the Financial Supervisory Commission know that there was such a big problem in data docking between DBS and Citigroup? If the Financial Supervisory Commission knew regarding it and allowed the merger to proceed without delaying it, then the Financial Supervisory Commission would obviously have failed in its duty; if the Financial Supervisory Commission did not know regarding it but allowed the merger to affect the rights and interests of customers, then the Financial Supervisory Commission would have also failed in its duty.
Jiang Yongchang bluntly stated that the Financial Supervisory Commission now needs to immediately examine whether the problems faced by DBS Bank are systemic problems, and examine whether DBS Bank has violated Article 61-1 of the Banking Law and may affect the sound operation of the bank. If so, the Financial Supervisory Commission will punish you as necessary! Huang Tianmu promised to learn more.
Yahoo Finance special correspondent Ye Yiru: 22 years of experience in mainstream financial media. From the Web1.0 bubble in 2000 to the Meta Yuanverse Web3.0, he has witnessed the rise and fall of Taiwan’s large and small enterprise groups and has experienced five international financial crises. We believe that finance is life and is everywhere. No matter how difficult financial knowledge is, we should explain it in a simple way. Everyone, young and old, should manage money. If you don’t manage money, money will not care regarding you.
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