Fed fines Taiwan's Mega Bank $29 million for anti-money laundering failures
The US Federal Reserve announced on Wednesday that it has fined Mega International Commercial Bank Co. $ 29 million for violating the anti-money laundering law and demanded that the company improve its monitoring and controls over money laundering. money laundering.
The Fed said its most recent 2016 inspection of the Taiwanese bank revealed "significant deficiencies" in its US bank risk management and compliance controls on anti-money laundering and banking secrecy laws. The bank has branches in New York, Illinois and California.
In 2016, New York State authorities fined Mega International Commercial Bank $ 180 million for damaging Panama's exposure to risk, the first time in a decade that a financial institution Taiwanese had been penalized by the American authorities.
The Fed said its most recent 2016 inspection of the Taiwanese bank revealed "significant deficiencies" in its US bank risk management and compliance controls on anti-money laundering and banking secrecy laws. The bank has branches in New York, Illinois and California.
In 2016, New York State authorities fined Mega International Commercial Bank $ 180 million for damaging Panama's exposure to risk, the first time in a decade that a financial institution Taiwanese had been penalized by the American authorities.
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