Bank of China U.S. Head Sees Cautionary Tale in AgBank Fine
- Xu Chen vows to strengthen compliance amid regulatory scrutiny
- JPMorgan, Citigroup, BofA seek yuan-clearing mandate, he says
This article is for subscribers only.
Bank of China Ltd.’s top official in New York said he’s boosting compliance efforts amid a U.S. crackdown on illicit money moves that already led to a $215 million penalty against Agricultural Bank of China Ltd.
“From the perspective of regulation, the U.S. is the toughest,” Xu Chen, chief executive officer and president of Bank of China’s New York branch, said in an interview on Sunday. In September, his unit was designated the first yuan-clearing bank in the U.S. by the People’s Bank of China. “We have the intention to improve our compliance level as soon as possible, especially this time after the Agricultural Bank of China was fined,” he said.