trending Market Intelligence /marketintelligence/en/news-insights/trending/oenjPtj4F9rdcfhGsCBWTg2 content esgSubNav
In This List

Taiwan to probe finance minister, ex-FSC officials on Mega Financial oversight

Blog

Banking Essentials Newsletter: July Edition - Part 3

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks


Taiwan to probe finance minister, ex-FSC officials on Mega Financial oversight

Taiwan's current finance minister, his predecessor and fourformer officials of the Financial Supervisory Commission face a probe inconnection with the scandal involving the violation of anti-money launderinglaws by Mega InternationalCommercial Bank Co. Ltd.'s New York branch, Reuters reported Oct.4, citing a cabinet statement.

New York authorities in August the banking arm of US$180 million for the violations. In September, Taiwan's FSC a fine on the bank anddirected it to remove some of its executives for poor management of itsoverseas branches.

Control Yuan, an investigatory agency, will probe theofficials to find out whether they should be held responsible for the ruleviolations at the Taiwanese bank's New York branch. The agency will determinewhether "insufficient oversight" led to the fine by U.S. regulators,according to Reuters.

The officials are Finance Minister Sheu Yu-jer, formerFinance Minister Chang Sheng-ford, William Tseng and Chen Yu-chang, formerchiefs of the FSC, and ex-vice chairperson, Jennifer Wang. Ding Kung-Wha, whorecently stepped downas chairman of the FSC, will also be investigated.