(Adds that company could not be reached for comment, background
on whistleblower lawsuit)
By Suzanne Barlyn and David Chance
Sept 29 Agricultural Bank of China,
one of the country's top four banks, has been ordered by the
Federal Reserve to improve its safeguards against money
laundering, the U.S. central bank said on Thursday, citing
"significant deficiencies" in the New York branch.
The Fed gave the Chinese state-owned bank, known as AgBank,
60 days to come up with a comprehensive plan to ensure it was in
compliance with regulations issued by the U.S. Treasury's Office
of Foreign Assets Control.
An AgBank spokesperson could not be immediately reached for
In May, a Manhattan federal judge revived a whistleblower
and gender discrimination lawsuit against AgBank by Natasha
Taft, a former chief compliance officer in its New York office.
Taft claimed that AgBank drove her to quit in June, after 10
months on the job, after she had reported possible anti-money
laundering violations to the Federal Reserve Bank of New York.
(Reporting by Suzanne Barlyn and David Chance; Additional
reporting by Jonathan Stempel; Editing by Paul Simao and Richard