Taiwan regulators have ordered the removal of executives of a local bank linked to the Panama Papers scandal and barred it from opening overseas branches, saying not enough was done to prevent money laundering. Mega International Commercial Bank had already been hit with a $180 million fine last month by US regulators after they uncovered "suspicious transactions" between its New York and Panama branches.
Mega Bank had dealings with a Panamanian law firm at the centre of the scandal, the US Department of Financial Services said. Taiwan's Financial Supervisory Commission (FSC) levied another fine of Tw$10 million ($316,000) and demanded the bank fire six people, including its legal representative and former chairman McKinney Tsai.
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