Chi­nese bank weak on money laun­der­ing

The Myanmar Times - - Business | International -

THE US Fed­eral Re­serve has or­dered the Agri­cul­tural Bank of China, one of China’s largest banks, to strengthen in­ter­nal con­trols against money laun­der­ing.

The move came af­ter a for­mer staffer sued the bank last year, say­ing she had been mis­treated and forced from her job af­ter she had in­formed the Fed that the bank was pos­si­bly in vi­o­la­tion of rules on polic­ing money laun­der­ing.

The staffer, Natasha Taft, set­tled her com­plaint with the bank ear­lier this month with­out any pub­lic ad­mis­sion of guilt.

But the Fed fol­lowed that up with an agree­ment that the bank would over­haul its in­ter­nal con­trols to en­sure trans­parency.

The bank and the Fed en­tered the agree­ment “solely for the pur­pose of set­tling this mat­ter with­out a for­mal pro­ceed­ing be­ing filed and with­out the ne­ces­sity for pro­tracted or ex­tended hear­ings or tes­ti­mony”, ac­cord­ing to the agree­ment.

The agree­ment gave Agri­cul­tural Bank 60 days to com­plete a re­view and tell the Fed how it would im­prove over­sight and mon­i­tor­ing of trans­ac­tions to pre­vent money laun­der­ing. –

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