China’s Industrial and Commercial Bank doesn’t comply with U.S. anti-money laundering laws: Fed

The Federal Reserve on Tuesday said one of the world’s biggest banks, Industrial and Commercial Bank of China, had “significant deficiencies” in risk management and compliance with U.S. anti-money laundering laws. In a cease and desist order, the Fed and ICBC agreed to a series of steps to improve oversight. A third party will review ICBC’s New York branch’s U.S. dollar clearing activity from the second half of 2016 to determine whether any suspicious activity involving high risk customers or transactions was identified and reported.


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