The announcement that the criminal trial of Bo Xilai's wife, Gu Kailai, will commence next Thursday, should serve to remind compliance officers at international banks with Chinese clients that they should check up on their ongoing efforts to weed out those customers who exhibit an unreasonable amount of risk:
(1) Are you still banking the "princelings," the children of senior Chinese leaders ? If so, what amount of business goes through the accounts of these "full-time students ?" If it is excessive, close the account forthwith.
(2) What about Enhanced Due Diligence on your Chinese PEPs clients has been completed to date ? Are they moving money in excess of their stated annual salary ?
(3) Are ALL large Chinese PEP accounts now off limits after the Bo Xilai disclosure of money laundering and bribe/kickback/sweetheart contract money that the wife was trying to move offshore ?
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| Are you banking his bribe & kickback money ? |
Seriously, why take a risk with known Chinese PEPs. Is it really worth the risk ?
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