Big China banks ramp up compliance as global push hits snags

Beijing

CHINA'S biggest banks are beefing up their risk management and compliance programmes, following a series of high-profile judicial investigations and regulatory probes in the United States and Europe.

These legal and regulatory headaches are likely to be a drag on their aggressive overseas expansion until suitable anti-money laundering (AML) and know-your-customer (KYC) controls are in place, bankers and compliance specialists say, but they are taking action.

A survey by LexisNexis Risk Solutions, which provides compliance services t…