Citibank Taiwan, DBS Bank Taiwan hit for AML failings
By Kao Shih-ching / Staff reporter
The 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.
Citibank Taiwan failed to set up a sound mechanism for evaluating clients’ risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference in New Taipei City.
A Financial Supervisory Commission sign is shown in New Taipei City in an undated photograph. 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.
The TAIEX yesterday sank by 680.76 points, or 4.11 percent, to close at 15,902.37 points, the second-
largest one-day drop after a fall of 696 points on Jan. 30 last year, amid concern over the rising number of local COVID-19 infections, analysts said.
The weighted index, which closed at 16,583.13 points on Tuesday, opened down and lost 300 points in the first 15 minutes of trading, before climbing to 16,550 points at 9:46am, Taiwan Stock Exchange (TWSE) data showed.
However, it lost its footing again, plunging 1,400 points to 15,165.27 points at 11:25am. That represented a drop of 9 percent the largest
Adimmune slides into red on rising R&D expenditure
By Kao Shih-ching / Staff reporter
Vaccine maker Adimmune Corp (國光生技) yesterday reported a net loss of NT$249 million (US$8.91 million) for last quarter, compared with a net profit of NT$1.24 billion in the fourth quarter of last year, due to rising research and development (R&D) expenses that involved a phase 1 clinical trial for its experimental vaccine against COVID-19.
That translates into a loss per share of NT$0.58, widening from minus-NT$0.05 a year earlier.
Revenue last quarter sank 98 percent year-on-year to NT$6.9 million due to a high comparison base last year, it said.
New rules to cut cargo hauls 10%: CAL
LEFT OUT TO DRY? A freight forwarder manager said that the capacity issue is more worrying than a rate hike, as no airlines can offer flights to offset the reduced capacity
By Kao Shih-ching / Staff reporter
The stricter anti-COVID-19 measures that the Central Epidemic Command Center (CECC) has imposed on China Airlines Ltd (CAL, 中華航空) are predicted to reduce the airline’s cargo capacity by about 10 percent, the company said yesterday, rejecting market speculation of a 50 to 80 percent cut.
A CAL official told the Taipei Times that the center’s measures, dubbed the “Down to Zero 2.0” plan, had been misunderstood, as many thought that all 1,279 CAL pilots would immediately stop flying and be quarantined at government centers.