CHINA UNDER INCREASING PRESSURE TO BOOST ML CONTROLS
June 2nd, 2020
With China turning from capital inflow to outflow amid Chinese companies’ global expansion programs, Chinese financial institutions are facing closer anti-money laundering scrutiny, as they, too, expand globally. Indeed, China’s top five banks had 1, 270 overseas branches at the end of 2017 (according to FATF (the Financial Action Task Force).
A recent case of trouble is Bank of China (BOC) in January agreeing to pay EUR3.9 million euros (USD4.2 million) to settle a French prosecutorial probe into allegations with aggravated money laundering over ...
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