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The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBK), China's largest bank, has repeatedly violated money-laundering regulations despite multiple warnings from Canadian regulators. Reports indicate that the bank failed to adequately review high-risk clients, report suspicious transactions, and comply with police production orders. This non-compliance raises concerns about the bank's involvement in money laundering activities within Canada. Additionally, it has been revealed that the bank had plans to establish a payments processor aimed at collecting spending data, further complicating its regulatory challenges.
Canadian arm of China’s largest bank had plans to set up payments processor to collect spending data https://t.co/f6n5vUQt4f
https://t.co/b5lbp5xftg The Canadian subsidiary of China’s biggest bank repeatedly broke the law by failing to review risky clients, report suspicious transactions and respect police production orders despite multiple warnings from FinTRAC about its faulty financial-crime
Hey @FINTRAC_Canada, @OSFICanada...how about instead of just repeatedly warning, you actually FUCKING REGULATE? --> Canadian arm of China’s largest bank repeatedly broke money-laundering rules despite multiple warnings from regulators https://t.co/H4DZK8Kgva