HALISTER1: Mega Bank Failed to Assist New York Regulator: Taiwan FSC (Fri)

Mega Bank Failed to Assist New York Regulator: Taiwan FSC (Fri)

(Bloomberg) -- Financial Supervisory Commission releases initial findings of investigation into Mega Intl Comm Bank’s anti-money laundering rule violations in New York, saying bank didn’t respond appropriately.
  • Bank’s NY branch didn’t have internal guidelines on US rules against money laundering; staff failed to comprehend the rules: FSC statement Sept. 2
  • Bank’s head office failed to send representative to assist the NY regulator after it learned of possible enforcement action and after the report on violations was released
  • Head office failed to help resolve incomplete information submitted to the NY regulator
  • Bank failed to report NY violations to its board promptly
  • Mega overly emphasized cost cutting, including compliance costs
  • FSC says it is cross-checking information, fault-finding process continues; full report to be available by end-Sept.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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2886 TT (Mega Financial Holding Co Ltd)

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