Stung by reputation, Taiwan looks to turn corner on money launderingTAIPEI (Reuters) - After Taiwan s state-run Mega Financial Holding Co was fined $180 million by U.S. authorities for lax enforcement of anti-money-laundering rules at its New York branch, the bank started a rigorous training program for its staff. Now, like Mega Financial, companies across Taiwan are working to get staff and systems up to speed after the island passed laws to meet international standards on combating money laundering and was taken off a watchlist by the Asia Pacific Group on Money Laundering (APG).  Unfortunately, Taiwan has earned a name for itself as a paradise for money laundering,  Deputy Justice Minister Tsai Pi-chung told Reuters. Money laundering and cybercrime connections to Taiwan, which is also in the process of pushing through a cyber security bill, have grabbed global headlines. U.S. authorities fined Mega Financial $180 million last year for lax enforcement of anti-money-laundering rules at its New York branch. Some money from the $170 million cyber heist of India s Union Bank of India was transferred through Taiwan s Bank SinoPac. An international crime ring used malware to steal $2.6 million from the ATMs of Taiwan s First Bank. Taiwan was one of the six most targeted countries of the Wannacry ransomware attack earlier this year, according to security company Avast.  Since 2011, 800 people from China and Taiwan have been deported from Cambodia on suspicion of telecoms fraud. Following its U.S. fine, Mega Financial said cleaning up its act is a top priority. U.S. authorities had said the Mega branch had been  indifferent  to the risks associated with transactions involving Panama, a high-risk area for money laundering.  What happened at our New York branch was just terrible,  said Robert Tsai, a senior executive vice president, referring to the fine and ensuing scandal.  Half of our 6,000 clerks have been certified with anti-money laundering training. How each of our branches implements the rules and ensures proper training is the top priority for our business.  To gain international confidence in its anti-money laundering measures, Taiwan will have to demonstrate it is putting the laws into practice. The APG will review Taiwan in 2018.  The visit will focus on how effectively Taiwan will have actually implemented the anti-money laundering rules,  said Liang Hung-lieh, partner of PricewaterhouseCoopers Taiwan.  The APG s on-site review will be new to most of the assessed, including banks, non-bank financial institutions and in particular non-financial institutions such as lawyers, public certified accountants and other professional service providers.  Under the anti-money laundering laws, these financial professionals will be required to report suspicious transactions, including bank transfers exceeding T$500,000 (US$16,500). They will have to determine where the money came from, provide details about the client and report that to Taiwan s newly established Anti-Money Laundering Office. These are similar to regulations that countries that have signed up to global anti-money laundering rules overseen by the Financial Action Task Force (FATF) have adopted. The cost to companies of implementing the new rules may be significant as they put processes, workers and data systems in place.  There s a lot of extra work for them to do now, such as determining the identities of their clients  beneficiaries,  said an official with the Financial Supervisory Commission, the island s financial regulator. He declined to be identified in the absence of permission to speak to the media.  They don t yet know exactly what they have to do, and to what extent, to be considered compliant with the new regulations. They re going to need some time to digest all of these new rules,  he said. The potential costs and increased difficulty of getting transactions done under the new rules worry those in the property market, said Wong Jui-chi, the spokesman for Taiwan s Chinese Association of Real Estate brokers, while emphasizing that his industry intends to fully comply with the regulations.  The property market is already in a bad shape and these new rules will make things worse by making the process of real estate transactions more complicated. More or less everyone in our industry is complaining about it,  he said. worldnews
stung reputation taiwan looks turn corner money launderingtaipei reuters after taiwan mega financial holding co fined million authorities lax enforcement rules new york branch bank started rigorous training program staff now like mega financial companies across taiwan working get staff systems speed island passed laws meet international standards combating money laundering taken watchlist asia pacific group money laundering apg unfortunately taiwan earned name paradise money laundering deputy justice minister tai told reuters money laundering cybercrime connections taiwan also process pushing cyber security bill grabbed global headlines authorities fined mega financial million last year lax enforcement rules new york branch some money million cyber heist india union bank india transferred taiwan bank sinopac an international crime ring used malware steal million arms taiwan first bank taiwan one six targeted countries wannacry ransomware attack earlier year according security company vast since people china taiwan deported cambodia suspicion telecoms fraud following fine mega financial said cleaning act top priority authorities said mega branch indifferent risks associated transactions involving panama area money laundering what happened new york branch terrible said robert tai senior executive vice president referring fine ensuing scandal half clerks certified laundering training how branches implements rules ensures proper training top priority business to gain international confidence laundering measures taiwan demonstrate putting laws practice the apg review taiwan the visit focus effectively taiwan actually implemented laundering rules said liang partner pricewaterhousecoopers taiwan the apg review new assessed including banks financial institutions particular institutions lawyers public certified accountants professional service providers under laundering laws financial professionals required report suspicious transactions including bank transfers exceeding t us they determine money came provide details client report taiwan newly established laundering office these similar regulations countries signed global laundering rules overseen financial action task force fate adopted the cost companies implementing new rules may significant put processes workers data systems place there lot extra work determining identities clients beneficiaries said official financial supervisory commission island financial regulator he declined identified absence permission speak media they yet know exactly extent considered compliant new regulations they going need time digest new rules said the potential costs increased difficulty getting transactions done new rules worry property market said wong spokesman taiwan chinese association real estate brokers emphasizing industry intends fully comply regulations the property market already bad shape new rules make things worse making process real estate transactions complicated more less everyone industry complaining said worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Stung by reputation, Taiwan looks to turn corner on money launderingTAIPEI (Reuters) - After Taiwan s state-run Mega Financial Holding Co was fined $180 million by U.S. authorities for lax enforcement of anti-money-laundering rules at its New York branch, the bank started a rigorous training program for its staff. Now, like Mega Financial, companies across Taiwan are working to get staff and systems up to speed after the island passed laws to meet international standards on combating money laundering and was taken off a watchlist by the Asia Pacific Group on Money Laundering (APG).  Unfortunately, Taiwan has earned a name for itself as a paradise for money laundering,  Deputy Justice Minister Tsai Pi-chung told Reuters. Money laundering and cybercrime connections to Taiwan, which is also in the process of pushing through a cyber security bill, have grabbed global headlines. U.S. authorities fined Mega Financial $180 million last year for lax enforcement of anti-money-laundering rules at its New York branch. Some money from the $170 million cyber heist of India s Union Bank of India was transferred through Taiwan s Bank SinoPac. An international crime ring used malware to steal $2.6 million from the ATMs of Taiwan s First Bank. Taiwan was one of the six most targeted countries of the Wannacry ransomware attack earlier this year, according to security company Avast.  Since 2011, 800 people from China and Taiwan have been deported from Cambodia on suspicion of telecoms fraud. Following its U.S. fine, Mega Financial said cleaning up its act is a top priority. U.S. authorities had said the Mega branch had been  indifferent  to the risks associated with transactions involving Panama, a high-risk area for money laundering.  What happened at our New York branch was just terrible,  said Robert Tsai, a senior executive vice president, referring to the fine and ensuing scandal.  Half of our 6,000 clerks have been certified with anti-money laundering training. How each of our branches implements the rules and ensures proper training is the top priority for our business.  To gain international confidence in its anti-money laundering measures, Taiwan will have to demonstrate it is putting the laws into practice. The APG will review Taiwan in 2018.  The visit will focus on how effectively Taiwan will have actually implemented the anti-money laundering rules,  said Liang Hung-lieh, partner of PricewaterhouseCoopers Taiwan.  The APG s on-site review will be new to most of the assessed, including banks, non-bank financial institutions and in particular non-financial institutions such as lawyers, public certified accountants and other professional service providers.  Under the anti-money laundering laws, these financial professionals will be required to report suspicious transactions, including bank transfers exceeding T$500,000 (US$16,500). They will have to determine where the money came from, provide details about the client and report that to Taiwan s newly established Anti-Money Laundering Office. These are similar to regulations that countries that have signed up to global anti-money laundering rules overseen by the Financial Action Task Force (FATF) have adopted. The cost to companies of implementing the new rules may be significant as they put processes, workers and data systems in place.  There s a lot of extra work for them to do now, such as determining the identities of their clients  beneficiaries,  said an official with the Financial Supervisory Commission, the island s financial regulator. He declined to be identified in the absence of permission to speak to the media.  They don t yet know exactly what they have to do, and to what extent, to be considered compliant with the new regulations. They re going to need some time to digest all of these new rules,  he said. The potential costs and increased difficulty of getting transactions done under the new rules worry those in the property market, said Wong Jui-chi, the spokesman for Taiwan s Chinese Association of Real Estate brokers, while emphasizing that his industry intends to fully comply with the regulations.  The property market is already in a bad shape and these new rules will make things worse by making the process of real estate transactions more complicated. More or less everyone in our industry is complaining about it,  he said. worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: stung reputation taiwan looks turn corner money launderingtaipei reuters after taiwan mega financial holding co fined million authorities lax enforcement rules new york branch bank started rigorous training program staff now like mega financial companies across taiwan working get staff systems speed island passed laws meet international standards combating money laundering taken watchlist asia pacific group money laundering apg unfortunately taiwan earned name paradise money laundering deputy justice minister tai told reuters money laundering cybercrime connections taiwan also process pushing cyber security bill grabbed global headlines authorities fined mega financial million last year lax enforcement rules new york branch some money million cyber heist india union bank india transferred taiwan bank sinopac an international crime ring used malware steal million arms taiwan first bank taiwan one six targeted countries wannacry ransomware attack earlier year according security company vast since people china taiwan deported cambodia suspicion telecoms fraud following fine mega financial said cleaning act top priority authorities said mega branch indifferent risks associated transactions involving panama area money laundering what happened new york branch terrible said robert tai senior executive vice president referring fine ensuing scandal half clerks certified laundering training how branches implements rules ensures proper training top priority business to gain international confidence laundering measures taiwan demonstrate putting laws practice the apg review taiwan the visit focus effectively taiwan actually implemented laundering rules said liang partner pricewaterhousecoopers taiwan the apg review new assessed including banks financial institutions particular institutions lawyers public certified accountants professional service providers under laundering laws financial professionals required report suspicious transactions including bank transfers exceeding t us they determine money came provide details client report taiwan newly established laundering office these similar regulations countries signed global laundering rules overseen financial action task force fate adopted the cost companies implementing new rules may significant put processes workers data systems place there lot extra work determining identities clients beneficiaries said official financial supervisory commission island financial regulator he declined identified absence permission speak media they yet know exactly extent considered compliant new regulations they going need time digest new rules said the potential costs increased difficulty getting transactions done new rules worry property market said wong spokesman taiwan chinese association real estate brokers emphasizing industry intends fully comply regulations the property market already bad shape new rules make things worse making process real estate transactions complicated more less everyone industry complaining said worldnews