Chinese Bank Fined $215M by NY Regulator for Money Laundering Violations

[kreslik.news]

Agricultural Bank of China has agreed to pay a $215 million penalty to settle allegations by New York’s banking regulator that it violated anti-money-laundering laws, according to a statement issued by the Department of Financial Services (DFS) today.

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Miscellaneous Violations

According to the DFS, bank officials engaged in intentional wrongdoings, including disguising suspicious transactions at the New York branch which could have hidden laundering of illicit funds or violations of US sanctions laws.

The bank also silenced the Chief Compliance Officer (CCO) at the New York branch, who tried to raise serious concerns ... (read more)