HALISTER1: Mega NY Fine Caused by Branch Exec.’s Rule Unfamiliarity: Tsai

Mega NY Fine Caused by Branch Exec.’s Rule Unfamiliarity: Tsai

(Bloomberg) -- Legal compliance executives at banking unit’s New York branch weren’t “thoroughly familiar” with complicated U.S. anti-money laundering regulations, former Mega Financial Chairman McKinney Tsai says in e-mailed statement.
  • Branch exec.’s attitude at meeting with NYDFS didn’t comply with head office’s internal rules
  • Branch submitted improvement plan to NYDFS on March 24 before Tsai offered resignation on March 29
  • Branch wasn’t involved in money laundering: Tsai
  • NOTE: Taiwan Prosecutors Visit Mega Bank Office to Probe Fine by N.Y. Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2886 TT (Mega Financial Holding Co Ltd)

People
Tsai Yu-Tsai (Mega Financial Holding Co Ltd)

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