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January 19, 2018

US Fed slaps $29m fine on Taiwan’s Mega Bank for anti-money laundering failures

The US Federal Reserve Board has imposed a fine of $29m on Taiwan’s Mega International Commercial Bank for anti-money laundering violations.

The Fed said that during its most recent examination of the Taiwanese bank in 2016, it found significant deficiencies at its US banking operations risk management and compliance controls relating to anti-money laundering and bank secrecy regulations.

Ordering the firm to boost its anti-money laundering oversight and controls, the regulator asked the bank to submit a written plan to strengthen the board of directors and US senior management oversight of Bank Secrecy Act (BSA) / anti- anti-money laundering (AML) compliance across the US operations within 60 days.

The bank manages branch offices in New York, Illinois and California.

In 2016, the New York Department of Financial Services (DFS) imposed a monetary penalty of $180m against Mega International Commercial Bank, for anti-money laundering failures, including lax attention to risk exposure in Panama.

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