Fed tells one of China's top banks to boost oversight
Reuters
Published Sep 29, 2016 11:21AM ET
Fed tells one of China's top banks to boost oversight
WASHINGTON (Reuters) - The Federal Reserve on Thursday told Agricultural Bank of China <601288.SS>, one of the Asian country's top four banks, to bolster its compliance and risk management operations in order to ensure it adhered to U.S. rules.
The Fed gave the Chinese bank 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.
The Fed said it had identified "significant deficiencies" in the bank's compliance with anti-money laundering laws.
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Written By: Reuters
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