Taiwan regulator imposes biggest ever domestic fine on leading bank
Taiwan s Financial Supervisory Commission (FSC) has fined Citibank Taiwan NT$10m (US$357,194) and DBS Bank Taiwan NT$6m for breaches in the country s anti-money laundering regulations.
The NT$10m fine is the highest penalty that it has imposed on a domestic bank, the commission said in a report of a news conference by the Taipei Times.
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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 told a news conference in New Taipei City.
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.
Citibank Taiwan leads climate change work
Staff writer
On Earth Day on Thursday last week, leaders from the US, China and many other countries hosted a climate summit to demonstrate the urgency of addressing climate issues.
In the face of climate change, Citibank Taiwan Ltd (台灣花旗) has continued to work on environmental, social and governance (ESG) sustainability, as well as public service commitments in Taiwan.
On Earth Day, Citibank Taiwan and the Taiwan Youth Climate Coalition released an online questionnaire. In addition, Citibank Taiwan has joined the GW100+ campaign to help local social welfare organizations by taking concrete action to shine a light on the UN’s 17 Sustainable Development Goals.
Citigroup pledges commitment to customers despite planned sale of Taiwan consumer business
Staff writer
Citigroup Inc on April 15 announced a change to its corporate strategy, including the sale of its consumer business in Taiwan and 12 other markets.
“The process has just started and will take some time,” Citibank Taiwan Ltd (花旗台灣) said in a statement. “For the time being, no specific buyer has been identified for the Taiwan consumer business.”
Until a buyer is found, it would “continue to serve our customers with the same care, empathy and dedication that we do today,” the lender said.
A Citibank Taiwan Ltd branch in Taipei is pictured in an undated photograph.
DBS Bank only foreign lender to see profits grow
By Kao Shih-ching / Staff reporter
DBS Bank Taiwan’s (星展台灣) pretax profit rose 78 percent from a year earlier to NT$941 million (US$33.47 million) last year, the only foreign bank reporting profit growth for last year, Financial Supervisory Commission data showed on Tuesday last week.
A low companion base the previous year, more income from fees in its wealth management business and a reduction in operational expenses contributed to its rising profit, the commission said.
In comparison, Citibank Taiwan Ltd (花旗台灣) had pretax profit of NT$9.7 billion last year, down 33 percent year-on-year and the lowest in five years, the data showed.