How did Merrill Lynch miss the red flags?

A look at MerrillÆs role in the transfer of large amounts of money on behalf of family members of TaiwanÆs former president Chen Shuibian into Swiss bank accounts.
The news that Merrill Lynch may have been involved in possible money laundering by members of the family of TaiwanÆs former president, Chen Shuibian, has raised questions about the bankÆs internal risk controls.

Merrill Lynch has declined to comment on any aspect of this article, apart from to say that ôas is our standard policy, we are cooperating with the authoritiesö.

The facts of the case, as they have been reported by opposition party legislator Hung Hsiuchu and the press in Taiwan, can be summed up thus former president Chen Shuibian's daughter-in-law Huang Jui-Ching reportedly opened two Merrill Lynch bank accounts in Switzerland at Merrill Lynch Bank Suisse AG in February 2007, and remitted millions...
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