Categories: FinanceNews

China’s Fourth Largest Bank Scrutinized By Fed Over AML Compliance

There is something brewing in the traditional financial world that may shake up the balance of things in the coming months. Agricultural Bank of China is one of the four biggest banks in the region, yet they were issued a warning by the Fed. Apparently the bank has some compliance discrepancies in the anti-money laundering sector, an interesting turn of events, to say the least.

What Is Going On With Agricultural Bank of China?

To put this news into perspective, there is no evidence made available regarding any money laundering practices taking place through this institution. What did happen, however, is that the Federal Reserve issued a warning to this bank to step up their compliance and risk management operations. Apparently the current standards are not up to par.

For now, the Chinese bank has 60 days to improve the situation or at least come up with a comprehensive plan to ensure that they were compliant with US regulation. This seems to indicate that there is some link to a particular money laundering case, though information is very difficult to come by right now.

According to the Federal Reserve, several significant discrepancies were identified when looking at the Agricultural Bank of China’s AML compliance. Keeping in mind how this bank is China’s fourth largest financial institution, the news comes as a big surprise. Then again, Wells Fargo recently created millions of dummy accounts using customer information.

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It is safe to say that there is a lot of trickery, backstabbing, and underhand dealing going on in the banking sector. All of these institutions sit on treasure troves of information, which is used for who-knows-what purpose. That said, it is equally possible that Agricultural Bank of China did not ask for enough information to avoid money laundering.

All of this goes to show that the banking sector is going through a very rough patch. Turning a profit is virtually impossible through regular means, yet the pressure to perform is bigger than ever. If everything were to be scrutinized properly, there would be a lot more skeletons to be found in various closets, for sure.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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