Posted inChina, Shanghai

Money laundering violations net US$890,000 in penalties

The People’s Bank of China is stepping up monitoring of money laundering activity with increased investigation and punishment, The Paper reported. The central bank issued 6.1 million yuan (US$890,000) in penalties to the Bank of Communications, the Shanghai Pudong Development Bank, Ping An Bank, Galaxy Securities and China Life Insurance in one day. The penalties […]

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