Citibank Taiwan, DBS Bank Taiwan hit for AML failings
Kao Shih-ching, 13 May 2021
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations.
The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said.
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 (黃光熙) told a news conference in New Taipei City Continue reading “Article: Citibank Taiwan, DBS Bank Taiwan hit for AML failings”
