ABC NY slapped with $215m fine for AML violations

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ABC NY slapped with $215m fine for AML violations

Shruti Chaturvedi
November 07, 2016 04:30 AM
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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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Asia Market newsChinaAmericasPeople and MarketsMarket NewsGreater ChinaAsiaNortheast AsiaAsia PacificAgricultural Bank of ChinaEM People and MarketsUnited StatesEmerging MarketsNorth America
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Shruti Chaturvedi
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