DFS fines Agricultural bank of China $215 million

932

November 4, 2016

DFS Investigation Uncovers Intentional Actions to Obscure U.S. Dollar Clearing Transactions, Including Counterfeit and Falsified Invoices involving China and Russia and Omission of Information Regarding Possible U.S. Dollar Trades with Sanctioned Counterparties. Bank Management Silenced and Severely Curtailed the Independence of Whistleblower Who Attempted to Conduct Internal Investigations of Suspicious Activity. Consent Order Requires Bank to Establish Effective Compliance Controls and to Retain Independent Monitor to Investigate 18 Months of U.S. Dollar Clearing Activity