CONCILIATORY:The firm would produce a satisfactory explanation for the public, and also remedy any shortfalls in its internal oversight mechanism, the new chairman said
Taipei Times
Date: Sep 03, 2016
By: Ted Chen / Staff reporter
Newly appointed Mega Financial Holding Co (兆豐金控) chairman Michael Chang (張兆順) yesterday
Mega Financial Holding chairman Michael Chang speaks at a news conference in Taipei yesterday. Photo: EPA
said that his first task would be to address the public criticism that has beset the state-run company since it ran into regulatory problems in the US.
Last month, Mega International Commercial Bank (兆豐銀行), the flagship bank of Mega Financial was fined US$180 million by the New York State Department of Financial Services (DFS) for breaching rules against money laundering.
The incident stemmed from a compliance failure, Chang said, adding that the bank was not involved in money laundering activities.
“There are stark discrepancies between the views of the public and the management team that must be addressed,” Chang said during a handover ceremony in Taipei.
The company would look into what happened and produce an explanation that the public would find satisfactory, and also remedy the firm’s shortcomings on internal oversight measures, Chang said. [FULL STORY]
