AgBank to im­prove fi­nan­cial con­trols

New Straits Times - - Business -

SHANG­HAI: Agri­cul­tural Bank of China (AgBank), the coun­try’s third-big­gest lender, said it will spend three years build­ing an anti-money laun­der­ing (AML) cen­tre to im­prove and cen­tralise AML con­trol, it said in a state­ment on Thurs­day. The move comes af­ter United States reg­u­la­tors fined the lender US$215 mil­lion (RM951.16 mil­lion) for in­ad­e­quate com­pli­ance and days af­ter it was re­vealed an AgBank ac­count had been used by Myan­mar rebels to col­lect funds.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.