Taiwanese bank under scrutiny for third time how to prove money laundering

TAIWANESE financier mega international commercial bank has been caned by australian regulators for the third time in just over a year.

Mega ICBC has agreed to an independent review by pricewaterhousecoopers after the australian securities and investments commission raised concerns about the bank’s compliance with financial services laws.

ASIC is the third regulator to take action against mega ICBC. The bank entered into two separate enforceable undertakings with the banking regulator and the anti-money-laundering authority in june and august last year. Under the deal with ASIC, pwc will review mega ICBC’s record-keeping, compliance monitoring, internal controls, supervision, staff training and competency practices.

PwC will also conduct a year-long ”comprehensive review” of the bank’s compliance with corporations law, the banking act, the privacy act and new national consumer credit laws.How to prove money laundering

Mega ICBC agreed in august last year not to accept any new deposit customers after an investigation by the australian prudential regulation authority found there had been ”a significant and systemic level of potentially unusual and suspicious transactions within mega ICBC”, most of which the bank had failed to identify or investigate. It said some staff had structured transactions to avoid scrutiny under anti-money-laundering laws.

The banking watchdog slammed the bank’s ”generally poor control infrastructure, inadequate policies, an ineffective transaction monitoring system and insufficiently trained employees”.

”at least some of mega ICBC’s staff were involved in or had knowledge of the opening and operation of accounts in a manner contrary to mega ICBC’s own policies and procedures,” APRA said.

In june last year, anti-money-laundering regulator austrac said it was concerned mega was contravening laws.How to prove money laundering

TAIWANESE financier mega international commercial bank has been caned by australian regulators for the third time in just over a year.

Mega ICBC has agreed to an independent review by pricewaterhousecoopers after the australian securities and investments commission raised concerns about the bank’s compliance with financial services laws.

ASIC is the third regulator to take action against mega ICBC. The bank entered into two separate enforceable undertakings with the banking regulator and the anti-money-laundering authority in june and august last year. Under the deal with ASIC, pwc will review mega ICBC’s record-keeping, compliance monitoring, internal controls, supervision, staff training and competency practices.

PwC will also conduct a year-long ”comprehensive review” of the bank’s compliance with corporations law, the banking act, the privacy act and new national consumer credit laws.How to prove money laundering

Mega ICBC agreed in august last year not to accept any new deposit customers after an investigation by the australian prudential regulation authority found there had been ”a significant and systemic level of potentially unusual and suspicious transactions within mega ICBC”, most of which the bank had failed to identify or investigate. It said some staff had structured transactions to avoid scrutiny under anti-money-laundering laws.

The banking watchdog slammed the bank’s ”generally poor control infrastructure, inadequate policies, an ineffective transaction monitoring system and insufficiently trained employees”.

”at least some of mega ICBC’s staff were involved in or had knowledge of the opening and operation of accounts in a manner contrary to mega ICBC’s own policies and procedures,” APRA said.

In june last year, anti-money-laundering regulator austrac said it was concerned mega was contravening laws.How to prove money laundering