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Taiwan's FSC chairman resigns over Mega Financial scandal

Ding Kung-wha, chairman of Taiwan's Financial SupervisoryCommission, resigned from his post amid criticism of the regulator's of anti-moneylaundering rule breaches at MegaFinancial Holding Co. Ltd., Reuters reported Oct. 3, citing astatement from the FSC.

Ding submitted his resignation with the hope that the movewould negate damage to the FSC over the Mega Financial scandal. Mega Financialunit Mega InternationalCommercial Bank Co. Ltd.'s New York branch was fined US$180 millionby U.S. authorities for lapses and noncompliance with U.S. anti-moneylaundering laws.

Taiwan's cabinet accepted Ding's resignation as PresidentTsai Ing-wen's administration undertakes an investigation into Mega Financial.Tsai said the scandal has damaged Taiwan's reputation and created mistrust inthe island's financial sector.

Ding's successor has not been chosen yet, a cabinetspokesman said.