October 3, 2016 / 4:21 AM / a year ago

Taiwan cabinet says it has accepted resignation of top financial regulator

TAIPEI, Oct 3 (Reuters) - Taiwan’s cabinet said it had accepted the resignation of Ding Kung-Wha, chairman of the island’s financial watchdog the Financial Supervisory Commission (FSC), and would hold a briefing to explain the move later on Monday.

Ding’s resignation came amid growing criticism in Taiwan of the FSC’s ability to regulate as state-run financial group Mega Financial Holdings was fined $180 million by New York state’s financial watchdog for anti-money laundering violations that included lax attention to risk exposure in Panama.

Reporting by Faith Hung and Jeanny Kao; Editing by Kenneth Maxwell

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