Taiwan (TW)

Jurisdiction Overview

IDQuestionAnswer
360 *Are there criminal sanctions, custodial sentencing or any other statutory sanctions for breaches of banking secrecy? Yes, there are prison terms for disclosing client's banking data to any third party (and possibly fines).
 Data Date: 2019

Notes

 
According to section 2 of article 48 and section 11 of article 129 of The Banking Act, a fine between NTD 2 to 10 million dollars is imposed. In addition, according to article 41 of the Personal Informations Protection Act: "Any person who, with the intention to acquire illegal profits for himself/herself or a third party, or to impair other person’s interests, violates Paragraph 1 of Article 6, Articles 15, 16, 17, 19, and Paragraph 1 of Article 20, [...] which violation if sufficient to harm other people’s rights, shall be subject to imprisonment for not more than five years or a fine of not more than NT$1,000,000, or both." Art.20 regulates against the violation of secrecy from non-government agency, which include banks.
 
According to Taiwan's Ministry of Finance, there are no prison terms for breaches of banking secrecy, as "According to the explanation letter of Ministry of Justice (ROC), the Banking Act shall take precedence over the Personal Information Protection Act". However, we have not been able to find the 'explanation letter of Ministry of Justice' on internet.

Sources

Communication with Taiwan's Ministry of Finance, January 2020
 
http://law.moj.gov.tw/Eng/LawClass/LawAll.aspx?PCode=G0380001
 
http://law.fsc.gov.tw/law/EngLawContent.aspx?Type=E&id=1603
 
http://law.moj.gov.tw/Eng/LawClass/LawAll.aspx?PCode=I0050021
 
https://law.banking.gov.tw/Eng/FLAW/FLAWDAT0201.aspx?lsid=FL006378