Focus Taiwan
Date: 2016/09/14
By: Chen Cheng-wei and S.C. Chang
Taipei, Sept. 14 (CNA) The Financial Supervisory Commission (FSC) imposed a NT$10-million 
(US$315,000) fine on Mega International Commercial Bank and removed a key figure from the bank’s board of directors, saying poor governance and management had led to a stiff fine against the bank by the New York State Department of Finance.
On Aug. 19, the state of New York’s Department of Financial Service (DFS) slapped a US$180 million fine on Mega Bank after identifying “a number of suspicious transactions” between the bank’s New York branch and its Panama and Colon Free Zone units.
Mega Bank has been accused by the U.S. of failing to report suspicious transactions by its clients and thus violating U.S. law.
The transactions in question at the Mega Bank New York branch took place in 2012 and were uncovered by the DFS during an investigation between January and March 2015. [FULL STORY]
