PBOC verifies Bank of China money-laundering accusation

GMT 05:57 2014 Friday ,11 July

Arab Today, arab today PBOC verifies Bank of China money-laundering accusation

Bank of China denies money laundering
Beijing - XINHUA

 China's central bank is currently verifying media report accusing a state-owned commercial bank of breaching the country's money-laundering rules, a spokesman said Thursday.
"We have noticed the media report about a commercial bank's cross-border renminbi business, and are verifying related facts," said the unnamed spokesman of the People's Bank of China.
China Central Television (CCTV), the state TV broadcaster, reported on Wednesday that several domestic branches of Bank of China were suspected of money laundering via its "Youhuitong" service, which enables cross-border transfer of large sums of yuan abroad for clients.
In recent years, China's cross-border renminbi business saw rapid growth as the country responded to the needs of economic and financial market development at home and abroad, according to the spokesman.
"During business expansion, institutions must comply with laws and regulations, improve their related rules and prevent legal and operational risks," the spokesman said.

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