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August 22, 2016

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Taiwan bank fined US$180m

NEW York financial regulators say Mega International Commercial Bank of Taiwan will pay a US$180 million penalty and install an independent monitor for violating the state's laws against money laundering.

A consent order signed by bank officials commits Mega International to install compliance controls. The bank has about US$103 billion in assets, including US$9 billion at its New York branch.

New York’s Department of Financial Services says the bank’s compliance officers were unfamiliar with US regulations and failed to periodically review information meant to detect suspicious transactions.

The department says the bank’s head office was indifferent toward risks associated with transactions from Panama, a high-risk area for money laundering.


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