October 19, 2016 / 2:41 AM / in a year

Bank of Kaohsiung's chairman to be Taiwan's top financial regulator

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

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