(Photo: Reuters/Chris Helgren)
Britain’s finance regulator may ramp up financial crime inspections at the London branches of two of China‘s biggest banks, with a focus on money laundering and anti-corruption, the Chinese magazine Caixin quoted unidentified sources as saying.
China’s banks have been dogged by allegations of lax compliance and money laundering in their European branches over the last year.
The Financial Conduct Authority, or FCA, plans to strengthen inspections at the London branches of China’s largest lender, the Industrial and Commercial Bank of China (ICBC), and China Construction Bank Corp (CCB), Caixin said on Tuesday.
The full original article can be found at uk.reuters.com