The US Federal Reserve has ordered Industrial & Commercial Bank of China to overhaul its anti-money laundering protections after finding “serious deficiencies”.
ICBC, the world’s largest lender by assets, must offer a written plan within 60 days to the US central bank detailing how it will strengthen mechanisms to flag and report suspicious transactions, including those involving “politically exposed persons”. The Fed did not issue a fine.
As part of the order, ICBC must also hire an independent party approved by the Fed within 30 days to audit the bank’s dollar clearing transaction activity during the final six months of 2016.
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