New York State Department Of Financial Services Fines Mega Bank $180 Million For Violating Anti-Money Laundering Laws - Consent Order Requires Bank To Establish Effective Compliance Controls And To Retain Independent Monitor For Two Years

Financial Services Superintendent Maria T. Vullo today announced that Mega International Commercial Bank of Taiwan will pay a $180 million penalty and install an independent monitor for violating New York’s anti-money laundering laws.  The fine is part of a consent order entered into with the Department of Financial Services (DFS) pursuant to which Mega Bank shall take immediate steps to correct violations, including engaging an independent monitor to address serious deficiencies within the bank’s compliance program and implement effective anti-money laundering controls.  Mega Bank is a major international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch.