Bank of China must increase money-laundering controls in US
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BANK of China Ltd must boost its money-laundering protections in the US in response to a regulator's enforcement action that cited deficiencies involving one of the world's biggest lenders.
The yet-to-be-disclosed case was brought by the US Office of the Comptroller of the Currency (OCC), according to a copy of the regulator's order obtained by Bloomberg News. The OCC routinely leaves a bank's specific transgressions out of enforcement actions, so that the agreement does not detail what Bank of China's US operations did wrong. The regulator has not imposed a fine.
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