Fed Executes Enforcement Action Against China Construction Bank

China Construction Bank Corp., the world’s second-biggest bank by assets, was ordered to improve internal controls to guard against money laundering under an agreement with the Federal Reserve, the U.S. central bank said on Tuesday.

The Fed announced the enforcement action against the Chinese bank stemming from complaints about its New York branch, according to a statement.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE