Citibank Taiwan, DBS Bank Taiwan hit for AML failingsBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. The commission yesterday fined Citibank Taiwan Ltd NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. Citibank Taiwan also failed to set up a system to specifically monitor clients that were cryptocurrency exchanges, also a breach of AML regulations, it added. DBS Bank Taiwan was penalized for similar breaches, the commission said.

Source: Taipei Times May 13, 2021 15:56 UTC