WASHINGTON: The U.S. Federal Reserve Board said on Wednesday it had fined Taiwan’s Mega International Commercial Bank Co. US$29 million for anti-money laundering violations and required the company to improve its anti-money laundering oversight and controls.

The Fed said its most recent 2016 inspection of the Taiwanese bank revealed “significant deficiencies” at its U.S. banking operations risk management and compliance controls relating to anti-money laundering and bank secrecy laws. The bank operates branches in New York, Illinois and California.

New York state authorities in 2016 slapped Mega International Commercial Bank with a US$180 million fine for violations that included lax attention to risk exposure in Panama, the first time in a decade that a Taiwan-based financial institution had been penalized by U.S. authorities.

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