U.S. Tells Chinese Bank to Tighten Money Laundering Controls

Agricultural Bank of China

Agricultural Bank of China

The authorities in the United States have issued a stern warning to China's Agricultural Bank of China citing «significant deficiencies» at the banks New York unit.

In a report from news agency Reuters Beijing headquartered Agricultural Bank of China, has been ordered by the Federal Reserve to improve its safeguards against money laundering in the New York branch.

Ongoing Compliance Issues 

The Federal Reserve  has given the Chinese state-owned bank, 60 days to come up with a comprehensive plan to ensure it was in compliance with regulations issued by the U.S. Treasury's Office of Foreign Assets Control.

Earlier this year financial news agency Bloomberg reported a former compliance officer at the Chinese banks New York branch alleged she was forced out after telling the Federal Reserve of money-laundering risks from international trade-finance transactions.

 

 

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