Fed order to ICBC

Source:Reuters-Global Times Published: 2018/3/14 22:08:40

The US Federal Reserve on Tuesday faulted the Industrial and Commercial Bank of China for not having enough anti-money laundering protections and ordered the bank to toughen its checks on illicit funds.

The bank has two months to present the Fed with new policies to detect illicit money transfers and other prohibited transactions. The Chinese bank did not reply to an interview request from the Global Times as of press time on Wednesday.

Posted in: COMPANIES

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