The Federal Reserve Board of Governors has chastised one of the largest banks in the world, Industrial and Commercial Bank of China, for “significant deficiencies” in its risk management and anti-money laundering compliance at its Manhattan branch.

The Fed on Tuesday issued a cease and desist order against the parent bank in Beijing and its New York branch that details not so much what the bank must stop doing, but what it must start doing—or at least do better.

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