Radio Taiwan International
Date: 2017-10-23

The New York branch of Taiwan’s Hua Nan Commercial Bank has failed to pass the latest financial examinations related to compliance with US money-laundering regulations. That was the word on Monday from Taiwan’s Financial Supervisory Commission (FSC).

FSC Chairman Wellington Koo spoke about the situation at a hearing of the Legislature’s Finance Committee. He said the New York branches of eight Taiwanese banks passed the financial examinations, but Hua Nan and another bank — Mega Bank – were not found to be compliant.

In August, 2016, Mega Bank was fined US$180 million after it was found to have violated the US Bank Secrecy Act, which is also known as the anti-money laundering law, by failing to report instances of suspected money laundering transactions by its customers.    [FULL  STORY]