Fed issues AML enforcement order on China’s largest bank
Bank must submit to third-party review of “high risk” transactions and customers
The Federal Reserve has ordered China’s largest commercial bank to improve the anti-money laundering controls in its US operations, and to submit to a third-party a review of its dollar clearing transactions in the summer of 2016.
The Fed’s Board of Governors said it had issued a “cease and desist order” to senior officials of the Industrial and Commercial Bank of China on March 2. The Fed ordered the Chinese bank’s officials to implement proper AML controls within 60 days, in accordance with
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