US FINES MEGA ICBC NT$5.7B FOR VIOLATING MONEY LAUNDERING RULES|涉違洗錢法 兆豐銀遭美重罰57億台幣
Mega International Commercial Bank Holding's New York branch, has been fined NT$ 5.7 billion for violation of the United States' money laundering regulations. Mega Bank emphasized that it was because in recent years, the US has moved to counteract flow of foreign funds into bank as a counter-terrorism measure, thus its money laundering requirements are more stringent, than previously, hence the fine.
On Aug. 19, The New York State Department of Financial Services announced that it had imposed a US$180 million fine on Mega Bank's New York branch. The branch was judged to have breached the US' Bank Secrecy Act. The fine is approximately NT$ 5.7 billion. The parent bank has called on all management staff for an explanation.
==CHEN SUNG-HSIN Mega Financial Holding Co Vice President ==
We are not involved any money-laundering. It is due to this year's new federal regulations being more stringent than the previous United States money laundering act and regulations. So we had no way to meet it's upgrading and specification requirements, so therefore we have been fined.
Mega Financial Holding Co executives repeatedly stressed that there was no involvement in money laundering, but they had failed to inform the US of capital flows as regulations require. It is understood that last year from January through March, the New York State Department of Financial Services undertook a general business inspection and found that in 2012 there were a number of remittance transactions which they were not notified about. These violated US bank secrecy laws and anti-money laundering laws. The fine of US$180 million, is the first for a Taiwan investment bank. Mega Financial Holding Co President Hsu Kuang-hsi, flew to the US to get a handle on the situation. Taiwan's Ministry of Finance believes that the fine is too heavy.
TRANSLATED BY：CLARE LEAR
記者黃立偉 張國樑 台北報導