AgBank to improve financial controls

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.