Big China banks ramp up compliance as global push hits snags
Move follows high-profile judicial investigations and regulatory probes in the US, Europe
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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.
