TAIWAN’s Mega Bank in the US has been fined $29 million for not complying with anti-money laundering (AML) laws by the US Federal Reserve Board. The Federal Board said recent checks on the Bank’s branches in New York, Chicago and San Francisco disclosed significant deficiencies relating to risk management and compliance with applicable federal and state laws, rules, and regulations relating to AML compliance, including the Bank Secrecy Act. The statement said that the Federal Board needed the company to improve its oversight and control in terms of money laundering prevention. The statement said the Bank must exercise necessary steps to make sure the laws are not overlooked.
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