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Weekly Roundup: Chinese Banks to Risk-Rank Clients, Ex-French President Sarkozy Accused of Corruption, Money Laundering, and more
printBanks and insurance firms in China will be required to risk-rank their clients on a scale of one-to-five in an effort by the central bank to boost anti-money laundering (AML) controls, Reuters reported Wednesday. The plan was disclosed to banks in December, but not publicly announced. Financial institutions must have the controls in place by December 2015, the news agency said. More The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) issued enforcement actions against two financial institutions Friday for Bank Secrecy Act deficiencies. The OCC ordered Walden, NY-based Hometown Bank of the Hudson Valley to implement...
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