In response to media report titled “Hua Nan Commercial Bank will improve its AML system” dated October 23, 2017, which mentioned US regulators’ comment on anti-money laundering (AML) compliance for domestic banks during the FSC’s visit, the FSC expressed that the aforementioned report is inaccurate and made the clarification below:
1. FSC Vice Chairman Dr. Tien-Mu Huang has not interviewed with the media recently.
2. There is no tolerance for violation of AML requirement. The description "US regulators can understand that Taiwanese banks’ AML systems cannot fully meet AML requirement at current stage” in the report is not true.
3. Regarding the AML deficiencies of the bank’s New York branch, the FSC has required the bank to actively take remedial measures.