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