A Taiwan registered bank that carries on business in Australia, Mega International Commercial Bank Co. Ltd (Mega ICBC) has responded to concerns raised by ASIC by agreeing to implement an independent review of the way it monitors and complies with financial services laws.

Mega ICBC’s financial services business consists of advising and dealing in deposit and non-cash payment products and dealing in foreign exchange contracts to wholesale and retail clients.

Mega ICBC initiated the compliance review in response to ASIC concerns regarding the bank's compliance procedures and supervision and monitoring arrangements.

A condition of Mega ICBC’s Australian Financial Services Licence requires the bank to ‘establish and maintain compliance measures that ensure, as far as reasonably practicable, that the licensee complies with the provisions of financial services laws’.

ASIC acknowledges the cooperative and constructive approach taken by Mega ICBC in responding to ASIC’s concerns.

Further details are available at ASIC.