Chinese Bank Sanctioned by Fed Over Money-Laundering Safeguards

  • Agricultural Bank agrees to boost Bank Secrecy Act protections
  • Lender sued earlier this year by whistle-blower in New York

Agricultural Bank of China Ltd. has been ordered by the Federal Reserve to overhaul its protections against money laundering to address “significant deficiencies,” the U.S. regulator said in a statement Thursday.

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