TAIWAN FINES CITIBANK, DBS FOR AML VIOLATIONS
May 1st, 2021
Taiwan’s Financial Supervisory Commission (FSC) has imposed fines of Taiwan new dollars TWD10 million (USD357,385) on Citibank Taiwan Ltd and TWD6 million (USD214,342) on DBS Bank (Taiwan) Ltd for violations of anti-money laundering (AML) regulations.
According to a May 13 announcement from the FSC, which was sent to MLB, both banks breached Taiwan’s Banking Act (Article 129, paragraph 7), (1) which stipulates penalties for: “failure to establish or diligently conduct the internal control and audit systems, internal processing system and procedures, and ...
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