Hong Kong Bank in Money Laundering Probe

The Bank of East Asia

The Bank of East Asia

Chinese financial regulators are investigating The Bank of East Asia over allegations the Hong Kong-based lender may have been used to pay out large sums of money to executives at a provincial government bank.

Following accusations in the Chinese media, Hong Kong publication The South China Morning Post has published a report on how senior executives at the Yantai city government-controlled, Evergrowing Bank, are claimed to have obtained some 70 million yuan worth of funds through Bank of East Asia (BEA) corporate credit cards.

Unusual Case

If it is proven that there were indeed failures in the Hong Kong headquartered bank's internal monitoring processes, it would become one of the first instances where a foreign bank was involved in an anti-money laundering case inside China.

A BEA spokesperson said the bank had followed the correct Know Your Customer (KYC) procedures. 


Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.