Mega International Commercial Bank Fined $180m for AML Violations
Posted: Mon Aug 22, 2016 10:15 am
Taiwan is reported to be investigating whether Mega Financial Holding Co and its banking unit, Mega International Commercial Bank, have broken local criminal laws, according to Reuters today, after New York authorities imposed upon Mega International Commercial Bank a $180 million fine for anti-money laundering violations.
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Suspect Transaction
This is the first time in years that a Taiwan-based financial institution has been penalised by U.S. authorities for allegedly failing to report a ‘suspect transaction’. The New York state’s financial regulator said the anti-money laundering violations ... (read more)