Taiwan: Taiwan’s top financial regulator quits over bank scandal

Author(s): UNK | Date: October 4, 2016 | Language: English
Source: http://www.straitstimes.com/ | URL: https://goo.gl/jbR3Hb | Type: Text

The head of Taiwan’s top financial regulator resigned yesterday after the US authorities fined a local bank linked to the so-called Panama Papers scandal.
Mr Ding Kung-wha, chairman of the Financial Supervisory Commission (FSC), had been criticised over his handling of the controversy involving Mega International Commercial Bank, which was hit with a US$180 million (S$245 million) fine in the United States in August.
The bank was accused of showing “flagrant disregard” for anti-money laundering laws, and US regulators say they had identified “suspicious transactions” between the bank’s New York and Panama branches.

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