Red Notice Newsletter - Russian

Paul Butler, Christian Davis, Suzanne Kane
Akin Gump Strauss Hauer & Feld LLP
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ANTICORRUPTION DEVELOPMENTS -

Mega International Commercial Bank Co. Ltd. Fined $29 Million -

On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a $29 million penalty. According to the Fed’s Cease and Desist Order, a recent examination of the Bank’s New York, Chicago, and Silicon Valley branches “disclosed significant deficiencies relating to the New York Branch’s risk management and compliance with... anti-money laundering compliance...” The Order further requires the Bank to enhance its anti-money laundering protocols and to submit a plan for the same within 60 days.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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