Press Release

January 17, 2018 Federal Reserve Board announces $29 million penalty against U.S. operations of Mega International Commercial Bank Co., Ltd. For release at 5:30 p.m. EST Share The Federal Reserve Board on Wednesday announced a $29 million penalty against the U.S. operations of Mega International Commercial Bank Co., Ltd., of Taipei, Taiwan, for anti-money laundering violations and required the firm to improve its anti-money laundering oversight and controls. As detailed in the consent cease and desist order, the Board took action because the firm's U.S. banking operations did not maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws. For media inquiries, call 202-452-2955. Attachment (PDF) Related Content Board Votes

Federal Reserve (2018, January 16). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20180117_federal_reserve_board_announces_29_million

@misc{wtfs_press_release_20180117_federal_reserve_board_announces_29_million,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2018},
  month = {Jan},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20180117_federal_reserve_board_announces_29_million},
  note = {Retrieved via When the Fed Speaks corpus}
}