Money Transfer Service CCTV Criticized Was Approved by Regulator, BOC Says

(Beijing) – The Bank of China (BOC) said on July 9 that a service the state broadcaster has labeled money laundering is in fact a pilot program authorized by the regulator to ease cross-border yuan flows.

The country's fourth biggest lender was apparently caught off guard when China Central Television (CCTV) aired a program that day accusing it of aiding illegal transfers of money overseas using a service called Youhuitong.