New York regulators Friday fined an Asian bank $180 million for violating the state's anti-money laundering and recordkeeping laws and ordered the lender to appoint an independent monitor and a compliance consultant. Among other "extremely troubling" flaws, Mega International Commercial Bank of Taiwan's branch in Manhattan and its head office in Taipei failed to apply consistent compliance policies across all business divisions and remained "indifferent" to screening transfers from affiliates in certain high-risk countries, the New York State Department of Financial Services (NYSDFS) said in a consent order. The institution also fell short of implementing an effective system to flag...
The U.S. Federal Reserve on Thursday ordered the New York branch of South Korea's NongHyup Bank to upgrade its anti-money laundering, customer due-diligence and suspicious activity monitoring programs.
New York regulators Friday issued a $215 million fine against China's third-largest bank for intentionally violating the state's rules against financial crime, possibly marking the largest U.S. penalty ever assessed against a Chinese lender accused of compliance misconduct.
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