The US Federal Reserve has announced a Cease & Desist Order upon consent, against Agricultural Bank of China, and its New York branch, for AML deficiencies. No monetary penalty was imposed.
The areas where the Bank agreed to make significant improvements are:
(1) Corporate governance and management oversight.
(2) BSA/AML Compliance program.
(3) Customer due diligence.
(4) Suspicious activity monitoring and reporting.
(5) OFAC compliance.
Readers who wish to review the complete text of the C & D order, may access it here.