Wednesday, 22 July 2015

Fed Faults China Construction Bank Over Anti-Money-Laundering Efforts

From The Wall Street Journal –

“U.S. regulators faulted China Construction Bank Corp. for deficiencies in its program to spot money laundering, the latest U.S. crackdown on foreign-owned firms.

The Federal Reserve and New York’s state regulator found problems at the New York branch of one of China’s largest banks, according to an enforcement action released Tuesday.

The regulators required the bank to better follow basic elements of U.S. law, including responding to regulators’ information requests, identifying risky customers, tracking transaction data, documenting and investigating suspicious activity, and monitoring so-called correspondent accounts with other banks. They required the firm to write and execute a plan to fix the problems, and its board of directors agreed to do so on July 13, the document said.”

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