CCB in US money-laundering action
Print Edition
THE United States Federal Reserve has told China Construction Bank to ramp up its anti-money laundering framework, the first enforcement action by the central bank against one of China’s four largest state-owned lenders.
Within 60 days, CCB must submit plans for compliance programs for anti-money laundering controls, customer due diligence programs, and methods for spotting suspicious transactions, the Fed said.
Mildred Harper, chief compliance officer for the bank’s New York branch, confirmed the enforcement action.
It is the first time the Fed has taken an enforcement action against CCB, according to the Fed’s website, where a database showed no similar enforcement actions for any of the three other large Chinese banks: the Bank of China, the Industrial and Commercial Bank of China and the Agricultural Bank of China.
The Fed did not impose a fine or other sanctions on CCB, and did not identify what problems the bank was facing.
A tough US policy has found high-profile violators among banks failing to enforce compliance in recent years.
China’s corruption watchdog said yesterday that inspection teams had recently started audits of four CCB branches, but it did not mention the enforcement action or money laundering.
The Central Commission for Discipline Inspection said on its website that the audits would cover “leaders’ abuse of power for personal enrichment, abuse of power for own interests, corruption and other violations of discipline.”
In July 2014, BNP Paribas pleaded guilty to two criminal charges and agreed to pay almost US$9 billion to resolve accusations it violated US sanctions against countries such as Sudan, Cuba and Iran.
In 2012, HSBC Holdings paid a US$1.9 billion fine for allowing itself to be used to launder drug money from Mexican and Colombian drug cartels.
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