March 24, 2017 / 3:45 AM / 8 months ago

China's AgBank says will build anti-money laundering centre

SHANGHAI, March 24 (Reuters) - Agricultural Bank of China (AgBank), the country’s third-biggest lender, said it will spend three years building an anti-money laundering (AML) centre to improve and centralize AML control, according to a statement circulated late on Thursday.

The move comes after U.S. regulators fined the lender $215 million for inadequate compliance and days after Reuters revealed an AgBank account had been used by Myanmar rebels to collect funds.

Reporting by Shu Zhang in Beijing; Writing by Engen Tham; Editing by Eric Meijer

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