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China Construction Bank Written Agreement

jeudi, avril 8, 2021

Regulators said the bank`s turnaround plan should include better compliance with disclosure requests, oversight and disclosure of transactions, and general governance. Tuesday`s order did not include fines against the bank. Within 30 days of the date of the agreement, The bank must also require an acceptable independent third party to conduct an audit of the U.S. dollar clearing transaction at the branch from July 1, 2013 to December 31, 2013 « to determine whether suspicious activity involving high-risk customers or high-risk transactions, by or by the branch has been duly identified and reported in accordance with applicable rules for notification of suspicious activity, » the agreement states. In addition, it must prepare a written report detailing the findings of the independent third party. Within 60 days, the bank is expected to submit plans for compliance programs for anti-money laundering controls, customer diligence programs and methods for detecting suspicious transactions, the Fed said. All documents posted on this website, including trademarks, logos and service marks, are protected by copyright belonging to the bank and other relevant parties, and no part of these documents may be altered, reproduced, stored in an appeal system, copied, distributed or otherwise used for commercial or public purposes, without the prior written permission of the Bank or those parties. These Terms of Use apply in addition to the terms of any other agreements you have with China Construction Bank (Asia) Corporation Limited (the « Bank »), including account or account opening agreements and all other agreements with us regarding our products and services. If there is a conflict between these terms of use and other agreements between you and us, the terms of those agreements prevail. It contains the data or information necessary for our customers or prospects to provide it to the Bank in connection with the opening or continuity of accounts, the creation or continuation of banking services or the provision of banking services. In accordance with the agreement, the bank and the subsidiary have 60 days to jointly submit an extensive written compliance programme in the areas of banking banking and anti-money laundering (BSA/AML), customer diligence, and notification and monitoring of suspicious activities. It also needs to improve its internal audit program.

The agreement also directs the Bank to improve its internal audit program, which must at least include « a timely escalation and liquidation of audit findings and follow-up audits to ensure corrective action » and « full monitoring and reporting on the status and reporting of audit and audit results to the Bank`s Board of Directors. » The elements of this agreement are under further review below.


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