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Agricultural Bank of China Fined $215 Million by New York State Bank Regulator

Agricultural Bank of China Fined $215 Million by New York State Bank Regulator 

Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws. The regulator said that compliance staff at the bank who discovered unusual transactions, some involving Russian, Chinese and Middle Eastern companies, were silenced when they tried to raise concerns. This has caused the bank’s chief compliance officer to resign with immediate effect.

“Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws.”

~Wall Street Journal

The investigation has also uncovered suspicious transactions involving Russia, China, Afghanistan and other countries. It shows intentional wrongdoing, including actions by bank officials to obfuscate U.S. dollar transactions conducted through the New York Branch that might reveal violations of sanctions or anti-money laundering laws.

Related Reports: Wall Street Journal, Department of Financial Services

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China

 


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