Taiwan regulator imposes biggest ever domestic fine on leading bank

Mark Battersby
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 Bureau Deputy Director-General Huang Kuang-hsi told a news conference in New Taipei City. The bank ...

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