Taiwan-based financial institutions haven’t faced charges by U.S. authorities in a decade, however, recently Taiwan’s Mega International Commerce Bank Co. was fined $29 million dollars by the U.S. Federal Reserve Board for non-compliance with the Money Laundering Prevention Act and other anti-money laundering (AML) violations.
In 2016, it was revealed that the bank had “significant deficiencies” in regards to compliance with anti-money laundering and bank secrecy laws, and as a result the bank was fined $180 million for these AML violations which included lax attention to risk exposure in Panama.
For the full article, click here.