Mega Financial Holding Appoints Michael C.S. Chang as Chairman

Mega Financial Holding, a Taiwan-based financial holding company dealing with commercial banking, wealth management, and investment banking services, has appointed senior banking veteran Michael C.S. Chang as its newest chairman, following a recent shakeup at the position, according to a Reuters report.

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Mr. Chang steps into his new role just a day after seeing the position vacated by the departure Shiu Kuang-si, who quit after the New York branch of the firm's banking unit was fined in July by New York regulators for anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term violations.

The shakeup will see Mr. Chang’s announcement tendered later this week. He joins the group after serving as chairman of state-controlled First Financial Holding Co Ltd from 2006 to 2008.

The relinquishing of the role by Shiu Kuang-si occurred a little more than a month into the job, as the bank’s US unit was hit with a fine of $180 million for lapses in its anti-money laundering program, ultimately prompting the change in leadership.