Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Taiwan taskforce to supervise probe into Mega Financial's New York branch: premier

Published 08/30/2016, 05:46 AM
Updated 08/30/2016, 05:50 AM
© Reuters. The logo of Mega International Commercial Bank is seen in Taipei, Taiwan

© Reuters. The logo of Mega International Commercial Bank is seen in Taipei, Taiwan

TAIPEI (Reuters) - Taiwan's premier said on Tuesday the government has formed an emergency taskforce to supervise its investigation into Mega Financial's (TW:2886) New York operations following the bank's fine by U.S. regulators.

"There have been so many questions and concerns raised by people," premier Lin Chuan told an unscheduled briefing. "We will discuss these questions and concerns and hand them over to the Financial Supervisory Commission (FSC) and the Ministry of Justice to clarify as soon as possible," he said.

The FSC said last week it will send inspectors to Mega Financial's banking branches in New York and Panama as part of its probe into the state-run bank.

The New York branch of Mega Financial has agreed to pay $180 million to New York state's financial regulator for anti-money laundering violations that included lax attention to risk exposure in Panama.

© Reuters. The logo of Mega International Commercial Bank is seen in Taipei, Taiwan

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.