March 13, 2018 / 3:08 PM / 3 months ago

Fed orders Industrial and Commercial Bank of China to tighten AML checks

WASHINGTON (Reuters) - The Federal Reserve on Tuesday faulted the Industrial and Commercial Bank of China Ltd for not having enough anti-money laundering protections and ordered the bank to toughen its checks on illicit funds.

FILE PHOTO - A teller at a branch of the Industrial and Commercial Bank of China (ICBC) works behind the counter in central Sydney, Australia, April 7, 2016. REUTERS/David Gray

The bank has two months to present the Fed with new policies to detect illicit money transfers and other prohibited transactions.

Reporting By Patrick Rucker; Editing by Chizu Nomiyama

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