China’s AgBank says building anti-money laundering center after $215 million fine

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Agricultural Bank of China (AgBank) 601288.HK(1288.HK), the country’s third-biggest lender, said it will spend three years building an anti-money laundering (AML) center to improve and centralize AML control, according to a statement circulated late on Thursday.

The move comes after U.S. regulators fined the lender $215 million for inadequate compliance and days after Reuters revealed an AgBank account had been used by Myanmar rebels to collect funds.

“Compliance management for anti-money laundering, counter-terrorist financing and sanctions-related work has become increasingly important for all countries around the world,” AgBank said in a press statement emailed late on Thursday.