(Criminal Liability)
Non-issuers that issue electronic stored value cards without the approval of the Competent Authority shall be punishable by imprisonment for not less than one (1) year and not more than ten (10) years, and in addition thereto, a fine of not less than NT$20,000,000 and not more than NT$500,000,000.
Violation of Paragraph 1, Article 4 herein by signing up contracted merchants without approval of the Competent Authority or violation of Paragraph 2, Article 18 or Paragraph 2, Article 19 herein shall be punishable by imprisonment for not more than seven (7) years, and in addition thereto, a fine of not more than NT$500,000,000.
Selling electronic stored value cards issued by non-issuers shall be punishable by imprisonment for not more than three (3) years, or detention, or in lieu thereof, or in addition thereto, a fine of not more than NT$5,000,000.
When the representative, agent, employee or other staff personnel of a juristic person commits any of the offenses provided in the preceding three paragraphs in the performance of duties, the actor shall be punished, and in addition, the juristic person shall be subject to the fines set out in the preceding three paragraphs.

(Administrative Liability)
Commission of any of the following acts shall be punishable by a fine of not less than NT$600,000 and not more than NT$3,000,000:
1. Violation of the regulations set forth pursuant to Paragraph 2 of Article 4 herein regarding security strength level, security requirements design, and protection measures.
2. Violation of Paragraphs 1 ~ 3 of Article 5 herein by engaging in business not approved by the Competent Authority or changing business in part or in whole without the approval of the Competent Authority.
3. Violation of Paragraph 1 of Article 5-1 herein or the amount of funds transferred exceeds the limit set out pursuant to Paragraph 2 of
the same article.
4. Violation of Paragraph 1 of Article 7 herein by not specializing in electronic stored value card business or engaging concurrently in the business without the approval of the Competent Authority.
5. Violation of provisions on limits set out in Article 13 herein.
6. Violation of Paragraph 1 of Article 16 herein by issuing international electronic stored value cards, or cooperating with a foreign institution in the issue of electronic stored value cards without the approval of the Competent Authority, or violating the regulations set forth pursuant to Paragraph 2 of the same article governing business management, operating mode, and reporting of material financial, business or operational information.
7. The responsible person of the issuer violates the regulations governing the restrictions on concurrent positions held set forth in accordance with Paragraph 1 of Article 17 herein.
8. Violation of rules set forth pursuant to Paragraph 2 of Article 17 herein governing business management, operating mode, contracted merchants management, business outlets, internal control and audit, outsourcing operation, restrictions on investment, and approval and reporting of financial, business and operational information.
9. Violation of Paragraph 3 of Article 18, Paragraph 3 or 4 of Article 19 or Paragraph 2 or 3 of Article 20 herein.
10. Violation of Article 21 herein.
11. Violation of Article 22 herein.
12. Violation of Paragraph 1 of Article 23 herein.
13. Violation of Article 26 herein.

If the responsible person or staff member of an issuer, its contracted merchant or other related parties commits any of the following acts when the Competent Authority dispatches officers or appoints a suitable agency, or designates a professional expert or technical personnel to examine or inspect its business, finance or other relevant items, or order the issuer, contracted merchant or other related parties to submit financial report, inventory of property, or other relevant information and reports within a specified time period, the responsible person or staff member shall be subject to a fine of not less than NT$600,000 and not more than NT$3,000,000:
1. Refusing to be examined or inspected;
2. Concealing or destroying account books and documents related to business or financial conditions;
3. Refusing to reply without justifiable reasons or providing false information to inquiries made by the examiner or inspector; or
4. Failure to provide financial reports, inventory of property or other relevant information in a timely manner or failure to provide accurate and complete information, or failure to pay inspection fees within the prescribed period of time.

(Penalty for Insufficient Reserve)
For issuers that fail to deposit reserve in full in compliance with Paragraph 1 of Article 18 herein, the Central Bank of the ROC may charge interest on the shortfall according to the lowest accommodation rate it publishes, which however shall be below 5% per annum. Where the shortfall is significant, the Central Bank of the ROC may impose a fine of not less than NT$200,000 and not more than NT$1,000,000.

(Administrative Liability)
Commission of any of the following acts shall be punishable by a fine of not less than NT$200,000 and not more than NT$1,000,000:
1. Violation of Paragraph 4 of Article 9 herein.
2. Violation of Article 11 herein.
3. Violation of Article 12 herein.
4. Violation of Article 15 herein.
5. Violation of Paragraph 1 of Article 27 herein.
6. Violation of Paragraph 1 of Article 29-1 herein by not joining the trade association.

(Competent Authority's Authority to Impose Penalty and Relief Procedure)
The amount of fines set forth in this Act shall be decided ex officio by the Competent Authority. In the event that the penalized party disagrees with the decision, he may appeal such decision in accordance with the procedures for administrative appeal and administrative litigation.
During the period of administrative appeal and administrative proceedings, the Competent Authority may hold the execution of fines by ordering the appellant to furnish appropriate amount of bond. In the event a fine is not paid within the specified period of time, a surcharge at the rate of one percent (1%) of the amount of the fine in arrears shall be levied for each day of delay. If the payment of fine is in arrears for more than thirty (30) days, the case shall be referred to the court for compulsory execution and the Competent Authority may, in addition, suspend the business of the penalized party.

(Consecutive Penalties)
For issuers that have been penalized in accordance with this Act and fail to take corrective actions within the specified period of time as ordered by the Competent Authority, the Competent Authority may mete out penalties each time a violation occurs. Where the violation is of a serious nature, the Competent Authority may order the issuer to replace its responsible person within a specified period of time or nullify its approval.

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