CONFIDENTIALITY CONCERN:Chairman Ding Kung-wha said foreign customers may demand compensation that would not be easy to pay if revelations cause them harm
Taipei Times
Date: Sep 22, 2016
By: Crystal Hsu / Staff reporter
The Financial Supervisory Commission (FSC) yesterday bowed to requests from lawmakers to reveal suspicious accounts and transactions at Mega International Commercial Bank’s (兆豐銀行) New York branch, despite concerns the move might lead to a breach of confidentiality.
FSC Chairman Ding Kung-wha (丁克華) agreed to hold a closed-door meeting of the Finance Committee next week with information on 174 transactions involving 76 accounts in 2012 between Mega Bank’s New York branch and its Colon branch in Panama.
The nation’s top financial regulator obtained information during an overseas probe into violations of money-laundering rules by Mega Bank’s New York branch that incurred a US$180 million fine from the New York State Department of Financial Services and a NT$10 million (US$318,167) fine from the commission. [FULL STORY]