Recent cases such as
ICBC being investigated for lax
anti-money laundering (AML) standards have thrust Chinese
banks’ compliance standards into the limelight.
Chinese lenders have been sanctioned in the US as well as in
various EU countries.
According to Johnny Chan, head of legal
at Chinese Merchants Securities, it’s clear that
overseas regulators have been focusing on major Chinese
state-owned financial institutions and gathering evidence in
large-scale money laundering for the expatriate Chinese
community around Europe and in the US. Their attention has
centered in particular on money flowing into China from
the overseas Chinese community, and out of China, through fraud
designed to avoid evade export controls.
"It is very obvious that the issue
has triggered alarm in both US and Europe," he said.
That was then
In October 2017, the People’s Bank of China
(PBOC) issued a notice on Strengthening the Client
Identification of Anti-Money Laundering to improve...