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Mega International Commercial Bank pays $29M BSA penalty

Fine Amount: 
$29 million
Issued by: 

The Federal Reserve Board and the Illinois Department of Financial and Professional Regulation have issued a consent cease and desist order and 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 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. The bank maintains three U.S. branches, in New York, Chicago and San Jose, California. Recent examinations by the Federal Reserve Bank of New York, Chicago and San Francisco, and by the Illinois agency, all found significant deficiencies relating to risk management and compliance with BSA/AML requirements.

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