Caixin
BUSINESS & TECH

U.S. Warns China’s Largest Bank Over Money Laundering Protections

The Industrial and Commercial Bank of China's branch on Shanghai's iconic riverside Bund. Photo: VCG
The Industrial and Commercial Bank of China's branch on Shanghai's iconic riverside Bund. Photo: VCG

The U.S. Federal Reserve has ordered the Industrial & Commercial Bank of China Ltd. (ICBC) to bolster its protections against money laundering.

The central bank identified “significant deficiencies” in the risk management of the Chinese lender’s New York branch, which failed to comply with laws and regulations that seek to prevent money laundering, the Fed said in an enforcement order on Tuesday.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.