Taiwan regulator imposes biggest ever domestic fine on leading bank

clock • 2 min read

Taiwan's Financial Supervisory Commission (FSC) has fined Citibank Taiwan NT$10m (US$357,194) and DBS Bank Taiwan NT$6m for breaches in the country's anti-money laundering regulations. The NT$10m fine is the highest penalty that it has imposed on a domestic bank, the commission said in a report of a news conference by the Taipei Times. Citibank Taiwan failed to set up a sound mechanism for evaluating clients' risk of money laundering and for detecting suspicious transactions, Banking Bu...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login