Taiwan picks new regulator chief after Mega Financial's U.S. fine (updated)

Bank of Kaohsiung

19/10/2016 05:59

(Adds quotes, details) 
    By Faith Hung 
    TAIPEI, Oct 19 (Reuters) - Taiwan named a banker and former 
deputy finance minister to head its financial regulator on 
Wednesday after the previous chief quit in the wake of 
$180-million fine slapped on Mega Financial Holding Co for 
breaking U.S. anti-money laundering rules. 
    Lee Ruey-tsang, the chairman of Bank of Kaohsiung  2836.TW , 
will take over at the Financial Supervisory Commission (FSC),    
overseeing the banking, insurance and securities industries, 
once his appointment is approved by President Tsai Ing-wen.     
    "He has a deep understanding of financials. His professional 
experience should not be a problem," cabinet spokesman Hsu 
Kuo-yung told a news briefing. 
    The FSC's previous chief Ding Kung-Wha resigned amid a storm 
of criticism after New York state's financial watchdog penalised 
state-run Mega Financial Holding  2886.TW  for violating 
anti-money laundering rules, including lax attention to risk 
exposure in Panama.   urn:newsml:reuters.com:*:nL3N1C91H9  urn:newsml:reuters.com:*:nL3N1B0416 
    Bank of Kaohsiung is controlled by the Kaohsiung city 
government, whose mayor is a senior member of Taiwan's ruling 
Democratic Progressive Party (DPP). Lee had also served as 
secretary-general in the city government. 
 
 (Reporting by Faith Hung; Editing by Simon Cameron-Moore) 
 ((faith.hung@thomsonreuters.com; 8862 2500 4893; Reuters 
Messaging: faith.hung.thomsonreuters.com@reuters.net)) 
 
Keywords: TAIWAN REGULATOR/