Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Fed fines Taiwan's Mega Bank $29 million for anti-money laundering failures

Published 01/17/2018, 06:38 PM
Updated 01/17/2018, 06:40 PM
© Reuters. A man walks past a bureau of Mega International Commercial Bank in Taipei, Taiwan

WASHINGTON (Reuters) - The U.S. Federal Reserve Board said on Wednesday it had fined Taiwan's Mega International Commercial Bank Co. $29 million for anti-money laundering violations and required the company to improve its anti-money laundering oversight and controls.

The Fed said its most recent 2016 inspection of the Taiwanese bank revealed "significant deficiencies" at its U.S. banking operations risk management and compliance controls relating to anti-money laundering and bank secrecy laws. The bank operates branches in New York, Illinois and California.

New York state authorities in 2016 slapped Mega International Commercial Bank with a $180 million fine for violations that included lax attention to risk exposure in Panama, the first time in a decade that a Taiwan-based financial institution had been penalized by U.S. authorities.

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.