Taiwan taskforce to supervise probe into Mega Financial’s New York branch: premier

The logo of Mega International Commercial Bank is seen in Taipei, Taiwan

TAIPEI (Reuters) – Taiwan’s premier said on Tuesday the government has formed an emergency taskforce to supervise its investigation into Mega Financial’s <2886.TW> New York operations following the bank’s fine by U.S. regulators.

“There have been so many questions and concerns raised by people,” premier Lin Chuan told an unscheduled briefing. “We will discuss these questions and concerns and hand them over to the Financial Supervisory Commission (FSC) and the Ministry of Justice to clarify as soon as possible,” he said.

The FSC said last week it will send inspectors to Mega Financial’s banking branches in New York and Panama as part of its probe into the state-run bank.

The New York branch of Mega Financial has agreed to pay $180 million to New York state’s financial regulator for anti-money laundering violations that included lax attention to risk exposure in Panama.

(Reporting by Faith Hung; Editing by Sam Holmes)