January 17, 2018
The Federal Reserve Board on Wednesday announced a $29 million penalty against the U.S. operations of Mega International Commercial Bank Co., Ltd., of Taipei, Taiwan, for anti-money laundering violations and required the firm to improve its anti-money laundering oversight and controls.
As detailed in the consent cease and desist order, the Board took action because the firm’s U.S. banking operations did not maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.
