China: Money laundering violations net US$890,000 in penalties

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August 3 2018

The People’s Bank of China is stepping up monitoring of money laundering activity with increased investigation and punishment, The Paper reported.

The central bank issued 6.1 million yuan (US$890,000) in penalties to the Bank of Communications, the Shanghai Pudong Development Bank, Ping An Bank, Galaxy Securities and China Life Insurance in one day.