China Construction Bank Incurs Fine for Lax Laundering Controls

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One of China’s big four state-owned banks has received a multi-million dollar fine in South Africa for failure to implement sufficient measures for the prevention of money laundering and terrorist financing.

The South African Reserve Bank hit China Construction Bank with a USD$6 million fine for failure to comply with reporting requirements in relation to cash thresholds as well as suspicious and unusual transactions.

“It should be noted that the administrative sanctions were not imposed because CCB was found to have facilitated transactions involving money laundering or the financing of terrorism, but because of weaknesses in the bank’s control measures,” said the South African central bank.

China Construction Bank is the second largest Chinese bank in terms of assets, and according to its official website has over 20 listed companies as clients in South Africa.

 

 

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