Fed terminates 2018 C&D order with Taiwan bank and its NY agency over BSA/AML

A consent cease-and-desist order with Hua Nan Commercial Bank Limited, Taipei City, Taiwan, and Hua Nan Commercial Bank Limited New York Agency, New York, over Bank Secrecy Act/anti-money laundering (BSA/AML) deficiencies was terminated by the Federal Reserve Board, the central bank announced Tuesday.

The order, terminated Jan. 27, was executed in April 2018 and required the bank’s board of directors and the agency’s management to submit a written plan to strengthen their oversight of the agency’s compliance with the BSA/AML requirements and regulations issued by the U.S. Treasury’s Office of Foreign Assets Control (OFAC).

Federal Reserve Board announces termination of enforcement action with Hua Nan Commercial Bank Limited and Hua Nan Commercial Bank Limited New York Agency

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