TAIPEI, Oct 19 (Reuters) - Taiwan government said on Wednesday it will appoint chairman of Bank of Kaohsiung as the new chief of the Financial Supervisory Commission (FSC).
The appointment of Lee Ruey-tsang comes after former FSC chief Ding Kung-Wha resigned amid growing criticism following the $180 million fine levied by New York state on state-run financial group Mega Financial Holding Co.
New York state’s financial watchdog penalised the firm for violating anti-money laundering rules, including lax attention to risk exposure in Panama.
The cabinet will hold a briefing shortly to announce the appointment, cabinet spokesman Hsu Kuo-yung told Reuters.
Reporting by Faith Hung; Editing by Simon Cameron-Moore