March 13, 2018 / 3:01 PM / 9 months ago

Fed orders Industrial and Commercial Bank of China to tighten AML checks

WASHINGTON, March 13 (Reuters) - The Federal Reserve on Tuesday faulted the Industrial and Commercial Bank of China Ltd for not having enough anti-money laundering protections and ordered the bank to toughen its checks on illicit funds.

The bank has two months to present the Fed with new policies to detect illicit money transfers and other prohibited transactions. (Reporting By Patrick Rucker Editing by Chizu Nomiyama)

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