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Mega Bank fined $180 million for AML violations

Jaclyn Jaeger | August 23, 2016

The New York Department of Financial Services has ordered Mega International Commercial Bank of Taiwan to pay a $180 million penalty and install an independent monitor for violating New York’s anti-money laundering laws.  

The fine is part of a consent order entered into with the New York Department of Financial Services (DFS) in which Mega Bank agreed to take immediate steps to correct violations, including engaging an independent monitor to address serious deficiencies within the bank’s compliance program and implement effective anti-money laundering controls.

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions,” Financial Services Superintendent Maria Vullo said in a statement. “The compliance failures that DFS found at the New York Branch of... To get the full story, subscribe now.