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By Faith Hung
TAIPEI Oct 19 Taiwan named a banker and former
deputy finance minister to head its financial regulator on
Wednesday after the previous chief quit in the wake of
$180-million fine slapped on Mega Financial Holding Co for
breaking U.S. anti-money laundering rules.
Lee Ruey-tsang, the chairman of Bank of Kaohsiung,
will take over at the Financial Supervisory Commission (FSC),
overseeing the banking, insurance and securities industries,
once his appointment is approved by President Tsai Ing-wen.
"He has a deep understanding of financials. His professional
experience should not be a problem," cabinet spokesman Hsu
Kuo-yung told a news briefing.
The FSC's previous chief Ding Kung-Wha resigned amid a storm
of criticism after New York state's financial watchdog penalised
state-run Mega Financial Holding for violating
anti-money laundering rules, including lax attention to risk
exposure in Panama.
Bank of Kaohsiung is controlled by the Kaohsiung city
government, whose mayor is a senior member of Taiwan's ruling
Democratic Progressive Party (DPP). Lee had also served as
secretary-general in the city government.
(Reporting by Faith Hung; Editing by Simon Cameron-Moore)