By Jonathan Chin / Staff writer, with CNAHua Nan Commercial Bank’s (華南銀行) New York branch is suspected of skirting financial regulations, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said yesterday. “It is my understanding that Hua Nan Financial has submitted a proposal on how to improve its compliance with the regulator,” Koo said. Hua Nan Financial is not the first of the nation’s state-run banks to run afoul of the financial services department in recent years. Hua Nan Financial must take action to bring its branch bank into line and wait for the US-based regulator to make a decision, he said. Hua Nan Commercial Bank said in a statement yesterday that its New York branch was not involved in money laundering, as some media reports speculated.

Source: Taipei Times October 21, 2017 15:56 UTC