Mega Bank Fined NT$5.7 Billion by US for Anti-Money Laundering Violations; Controversial Appointments Exposed

In August 2016, Mega Bank's New York branch was fined US$180 million (approx. NT$5.7 billion) by the NYDFS for severe violations of anti-money laundering laws, setting a record fine in Taiwan's financial history. The Tsai administration's investigation was criticized for being superficial and evasive. Furthermore, subsequent personnel appointments at Mega Financial were seen as political patronage, raising suspicions of a cover-up involving high-level political and business interests. The scandal severely damaged the international reputation of Taiwan's financial sector.