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Fed to China Construction Bank: Fix AML Controls

Jaclyn Jaeger | July 24, 2015

The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered China Construction Bank and its New York branch to significantly improve its compliance operations.

According to the agreement, the bank and the branch have 60 days to jointly submit a written enhanced compliance program in the areas of Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, customer due diligence, and suspicious activity reporting and monitoring. It must also enhance its internal audit program.

The components of that agreement are discussed in detail below.

BSA/AML Compliance

At a minimum, the BSA/AML program must include the following elements:

  • A system of internal controls designed to ensure...
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