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UPDATE 1-Taiwan picks new regulator chief after Mega Financial's U.S. fine
October 19, 2016 / 5:00 AM / a year ago

UPDATE 1-Taiwan picks new regulator chief after Mega Financial's U.S. fine

(Adds quotes, details)

By Faith Hung

TAIPEI, Oct 19 (Reuters) - 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)

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