Skip to content
Subscriber Only

Bank Linked to ‘Panama Papers’ Firm Faces Probe in Taiwan

  • U.S regulator said bank compliance program was ‘hollow shell’
  • Mega Financial shares plunge after unit fined by regulator
Views of Panama City As Revelations of Panama Papers Data Leak Are Reviewed
Photographer: Susana Gonzalez/Bloomberg
Updated on

Taiwan’s government will probe a bank that was fined $180 million for violating anti-money laundering laws by a U.S. regulator, which described its compliance program as a “hollow shell.”

Officials from Taiwan’s financial supervisor, a prosecutors’ office and the justice ministry will look at whether any crime has been committed in the case involving Mega International Commercial Bank Co., Deputy Minister of Justice Chen Ming-Tang said by phone on Monday.