The Financial Supervisory Commission (FSC) found six areas of negligence with Mega International Commercial Bank. That’s after questioning 28 persons in relation to its money laundering case. The bank was fined by the New York Department of Financial Services to pay US$180 million for violating money laundering laws.
Taiwan’s FSC also found that it did not have complete guidelines in preventing money laundering. When it was fined in New York, it did not send personnel to the US to discuss the issue. It also did not provide information to US authorities to explain the situation and it did not have a good understanding of money laundering regulations in the US.
The FSC will present a complete report this month. If someone is to be punished, it said it would start with the former chairman of Mega Financial, Mckinney Tsai.