ABC NY slapped with $215m fine for AML violations

Shruti Chaturvedi

November 07, 2016 04:30 am

abc px230 — In this July 6, 2010 photo, a woman walks past the entrance of an Agricultural Bank of China branch in Beijing, China. State-owned Agricultural Bank of China Ltd. held steady in its trading debut Thursday, July 15, 2010, after raising up to $22.1 billion in a mammoth initial public offering despite the global crisis and concern about its profitability. (AP Photo/Alexander F. Yuan) | Alexander F. Yuan/AP/Press Association Images

The US Department of Financial Services has fined the New York branch of Agricultural Bank of China $215m for violating local anti-money laundering (AML) laws. The regulator also said that the bank obscured dollar clearing transactions of Chinese and Russian companies, apparently by issuing counterfeit and falsified invoices.

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Topics

Asia Market news China Americas People and Markets Market News Greater China Asia Northeast Asia Asia Pacific Agricultural Bank of China EM People and Markets United States Emerging Markets North America

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Shruti Chaturvedi