US takes first AML action against Chinese bank

Author: Ashley Lee | Published: 22 Jul 2015

The Federal Reserve Bank of New York and the New York State Department of Financial Services (NYDFS) have announced an enforcement action against a Chinese financial institution for anti-money laundering (AML) violations.

It’s the first such action against one of the country’s big four banks

On July 21 the two regulators released an agreement between them, China Construction Bank (CCB) in Beijing and the bank’s New York...


 

 

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