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Consumer rights

顧客權益 顧客權益

Principle of treating customers fairly

BOT understands customers are the source of business development. To care for and ensure the rights and interests of our customers, and to establish a corporate culture that values the protection of financial consumers, BOT has formulated the "Bank of Taiwan Treating Customers Fairly Policy" in accordance with the "Principle for Financial Service Industries to Treat Customers Fairly" of the FSC, which serves as the foundation for the practice of "Treating Customers Fairly Principles" throughout the bank. BOT has set up a fair treatment promotion task force, which holds meetings on a quarterly basis covering topics such as the implementation of treating customers fairly principle and promotion plans. The secretary unit supervises relevant units in holding fair hospitality promotion task force meetings, and submits the meeting minutes to the Board of Directors so senior executives are of BOT's treating customers fairly implementation.

BOT has also introduced the ISO 37001 Anti-Bribery Management International Standard and was awarded British Standards Institute (BSI) certification in September 2023, becoming the first financial enterprise to obtain this certification, demonstrating its determination to implement ethical corporate management.

公平待客原則

Product Suitability and Information Communication

In accordance with the "Financial Consumer Protection Act" and other relevant regulations, BOT has established a Financial Products Review Committee, which is responsible for reviewing, confirming, and evaluating the rationality of policies on financial products and their suitability before such products are launched. It also develops an approach to match products to customer needs; through the three lines of defense in internal control and audit systems, BOT knows well the financial product's suitability for customers before providing services, and fully explains the important content of the product and contract to customers to disclose possible risks, and in addition enhances transaction monitoring for vulnerable customers to protect their rights.

Fair and lawful marketing and sales of goods To comply with the implementation of the "Financial Consumer Protection Act" and strengthen customer relations and privacy protection, BOT has formulated a "Notice on the Management of Advertising Recruitment and Business Promotion Activities", which stipulates that relevant activities should be carried out based on the principles of honesty and credibility, and in the spirit of protecting financial consumers, and disclose in detail the interest rates, fees, and risks involved in financial products or services. Violations of the law, exaggerating achievements or performance, or indicating notes and restrictions in inconspicuous font to mislead consumers are not permitted. BOT has also established internal regulations for customer rights protection across different business areas, ensuring that BOT adheres to legal norms in the design, advertising, sales, and contract performance of financial products and services, and practices the principle of treating customer fairly.
Policies of product suitability
  • The suitability policy of BOT's products includes the classification of customer risk attributes and product risk levels to provide customers with appropriate products based on their investment attributes and risk tolerance, and to establish a trading monitoring mechanism to avoid improper sales.
  • When vulnerable clients (such as those over 65 years old, those with an education of junior high school level or below, or those with a National Health Insurance major injury certificate) invest in high-risk fund products, BOT confirms the transaction content and discloses product risks to the client by recording the telephone conversation for future reference.
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    Product Marketing and Labeling Requirements

    BOT adheres to the regulatory requirements of the competent authority with regards to financial industry marketing and labeling. In 2023, no incident of non-compliance with product and service information and labeling regulations nor marketing and dissemination related regulations occurred in BOT.

    BOT's Marketing and Labeling Requirements
    1 In engaging in advertising, business solicitation, and business promotion activities, our bank shall not engage in any false information, fraud, concealment, or other activities that may mislead others.
    2 Intentionally using false reports from newspapers and magazines as advertising content is not permitted.
    3 Misleading financial consumers into believing that the competent authority has provided guarantees for financial products or services using the approval or filling procedures of the competent authority is not permitted.
    4 Except for financial products or services that can be processed in accordance with the law, no promotion or marketing of financial products or services that have not been approved or recorded by the competent authority is allowed.
    5 The text or message used shall not mislead people into believing that the bank can guarantee the safety of the principal or guarantee profits.
    6 Deliberately indicating notes and restrictions in inconspicuous font is not permitted.

    Promotion of the Legality of New Products

    When launching or developing new products, services, or new areas of business, BOT requires all business managing units to conduct a compliance assessment to check whether they comply with internal and external regulations, whether the product review task force has conducted a pre-listing review of the provided investment financial products, and whether money laundering, terrorist financing and proliferation financing risk assessments have been conducted and corresponding risk management measures established. They should also fill out a compliance inspection form, personal data protection impact assessment form (if applicable), a legal compliance statement, and a risk assessment questionnaire. In 2023, relevant units of our bank all followed the such operating procedures.

    Prevention of Financial Fraud

    Considering the frequent occurrence of financial fraud incidents in recent years, BOT has specially requested its colleagues to implement caring questioning operations, establish the anti-fraud protection network by enhancing the financial fraud prevention notification system and conducting anti-fraud seminars in campuses and communities. Prompt messages for OTC care questions must be displayed on the screen and relevant self-verification operations must be carried out for personal account counter remittance, deposits without a passbook into non-BOT account, and withdrawal of cash reaching a certain amount from a personal account whose holder is aged 65 and above. The latest anti-fraud information from the police should be regularly updated and included in the ITB discussion. A reward system has been established to reward and praise colleagues who actively carry out caring questioning. In 2023, a total of 524 cases of fraud involving the public were successfully prevented totaling approximately NT$411.08 million. From 2021 to 2023, our bank was awarded the "Meritorious Financial Institution for Assisting in Protecting the Public from Fraudulent Funds" for three consecutive years, demonstrating remarkable results in safeguarding customer property.

    BOT's Measures Description
    Domestic and international remittance anti-fraud care mechanism
  • When customers perform remittance or deposits without passbooks to third-party accounts, or elderly customers perform cash withdrawal or conduct other transactions of NT$30,000 or more, or set up transfer functions, or purchase, sell or withdraw gold at the counter of a certain amount or more, our employees will take the initiative to ask for more details to protect our customers.
  • When handling a foreign exchange outward remittance from a customer who has not made such telegraphic transfer for a long time, the bank would provide more care for the customer and ask relevant questions depending on the situation.
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    Financial fraud prevention reminder and notification mechanism
  • If the customer is found to have a strange look on the face while making an outward remittance, handle the situation vigilantly on a case-by-case basis accordingly. If necessary, the "Customer Inquiry Form for OTC Operation" should be filled out. If the customer is considered to be a possible victim of fraud, contact the customer's relatives proactively, assist the customer in calling the 165 Anti-Fraud Hotline of the National Police Agency, Ministry of the Interior for further information, and notify the local police if necessary to prevent fraud cases.
  • Reminder notices for cross-border remittance are posted on the business premises to assist customers in preventing suspicious fraud cases.
  • In 2023, the bank kept collaborating with the National Police Agency for the "Suspicious Overseas Financial Account Warning Mechanism" and successfully blocked four suspected fraud cases involving cross-border remittances, totaling USD 436,736.33.
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