HALISTER1: Taiwan to Investigate Mega Bank After U.S. Fine: FSC (Yday)

Taiwan to Investigate Mega Bank After U.S. Fine: FSC (Yday)

(Bloomberg) -- FSC to contact NYDFS and seek explanation from Mega bank, Financial Supervisory Commission said on its website yesterday.
  • Cabinet to hold cross-ministry meetings this week on Mega Bank case
  • FSC to ask Mega give adequate training to chiefs of overseas outlets; says banks should appoint specific personnel in preventing money laundering: statement
  • FSC says it would seek immediate improvements after NYDFS said the lender’s New York executives lacked understanding of local regulations
  • Regulator earlier set guidelines on anti-money laundering and for combating terror financing; regulator will step up implementation of anti-money laundering mechanism
  • Taiwan will start participating in Asia Pacific anti-money laundering mutual review from the fourth quarter of 2018
  • FSC urges financial institutions to change mentality, not to neglect regulations, internal controls in pursuit of profits or cost-cutting
  • NOTE: Taiwan’s Mega fined $180m by NY Dept of Financial Services Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2886 TT (Mega Financial Holding Co Ltd)

To de-activate this alert, click here

UUID: 7947283