Chinese banks warned on anti-money laundering compliance

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A feature image of an article regarding china money laundering in Chinese banks
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A seasoned financial adviser has warned Chinese financial institutions of serious consequences if they continue to lag behind international partners in anti-money laundering (AML) compliance.

A survey recently published by AlixPartners, a global business advisory firm, showed that a significant number of financial institutions lack both adequate anti-money laundering and sanctions compliance budgets and training for their boards.

In the survey, 32% of respondents said they considered the AML and sanctions-compliance budgets at their companies to be “inadequate” or “severely inadequate”, while 20% of respondents said their board was not receiving AML and sanctions training and regular briefings, despite many new compliance standards having recently been implemented around the world. AlixPartners regards this as a sign that an understanding of AML and sanctions risks has not fully permeated the upper reaches of many financial institutions.

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