NEW YORK REGULATOR HAMMERS CHINA AGRICULTURAL BANK WITH MULTI-MILLION DOLLAR AML FINE
November 1st, 2016
THE NEW York State Department of Financial Services (DFS) has fined the Agricultural Bank of China USD215 million for violating the USA state’s anti-money laundering (AML) laws. The regulator will also install an independent monitor, reporting to the DFS, to address serious AML deficiencies within the bank’s compliance programme at its New York branch. The monitor will also review transactions at the branch made over the previous 18 months.
This fine follows an inquiry by the department that uncovered deliberate actions by bank officials to cloud the details ...
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