The Fed said its most recent 2016 inspection of the Taiwanese bank revealed "significant deficiencies" at its U.S. banking operations risk management and compliance controls relating to anti-money laundering and bank secrecy laws. The bank operates branches in New York, Illinois and California.
New York state authorities in 2016 slapped Mega International Commercial Bank with a $180 million fine for violations that included lax attention to risk exposure in Panama, the first time in a decade that a Taiwan-based financial institution had been penalized by U.S. authorities. (Reporting by Michelle Price; Editing by Sandra Maler)Fed fines Taiwan's Mega Bank $29 million for anti-money laundering failures
Tyrone Siu
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