Fed issues AML enforcement order on China’s largest bank

us-federal-reserve

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.