Overseas Chinese Bank Branches Come Under Investigation for Money Laundering
Yicai Global
/SOURCE : Yicai
Overseas Chinese Bank Branches Come Under Investigation for Money Laundering

(CBN Global) April 11 -- The overseas operations of some of China's largest state-owned banks, including the Bank of China, China Construction Bank and the Industrial and Commercial Bank of China, have come under scrutiny from European authorities checking for breaches of money laundering and anti-graft rules.

Police raided the Madrid office of ICBC [SHA:601398] in February as part of a money laundering investigation. Britain's financial watchdog, the Financial Conduct Authority, said last month it plans to step up checks into financial crimes, including money laundering, at the London branches of ICBC and CCB [SHA:601939]. The German Federal Financial Supervisory Authority is also conducting investigations.

Most of these probes are still ongoing and the results have yet to be made public.

Earlier this month, the China Banking Regulatory Commission called on Chinese lenders to comply with local laws and regulations concerning taxation, money laundering, anti-corruption and other restrictions, CBN learned from a CBRC document.

Related:

Bank of Italy Conducting Supervisory Inspection at Bank of China Offices

 

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