Brief: Taiwan says it suspends Mega Financial from setting up overseas banking branches

Mega Financial Holding Co

14/09/2016 10:45

Sept 14 (Reuters) - Taiwan's financial regulator, Financial 
Supervisory Commission (FSC), says: 
      
   * It fined Mega Financial Holding Co Ltd  2886.TW  T$10 
million ($317,000) as state-run Mega's New York banking branch 
failed to fully implement internal controls. 
   * It suspended Mega Financial from setting up overseas 
banking branches until it improves internal controls. 
   * Mega Financial's new chairman said early in September that 
Mega will strengthen risk management after its banking unit was 
hit by a U.S. fine for anti-money laundering violations. 
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    Further company coverage:  2886.TW  
 
 (Reporting by Emily Chan; Writing by Faith Hung) 
 ((faith.hung@thomsonreuters.com;))