CHINA BANKS COMPLIANCE OVER AML IS INCOMPLETE AND OFTEN MUDDLED, WITH ANTI-REGULATION CULTURE A HANDICAP
October 1st, 2016
As China’s banks get bigger, they are also drawing the attention of global money laundering investigators. Eyes were certainly focused on Bank of China (BoC) earlier this year: the bank stands accused Florence police and public prosecutor’s office of funnelling EUR4.9 billion from Italy to China between 2007 and 2010 with Italian authorities claiming much of that figure was from the proceeds of crime. Four BoC bank officials are charged with failing to report suspicious transactions and with actions that helped conceal the origination and destination of ...
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