ABC NY slapped with $215m fine for AML violations

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By Shruti Chaturvedi
07 Nov 2016

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.

The regulator did not mince its words in the findings of the investigation. 

“The failure of a strong compliance programme at the New York branch of the Agricultural Bank of China created a substantial risk that terrorist groups, parties from sanctioned nations, and other criminals could have used ...

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