The Agricultural Bank of China will pay civil penalties of $215 million under a consent order with state banking regulators for attempting to “obfuscate” dollar-clearing transactions at its New York branch in violation of anti-money laundering laws.
The state Department of Financial Services (DFS) said Friday the bank increased the volume of transactions in direct violation of a 2013 order from the department not to do so until it improved compliance with state accounting rules about dollar-clearing transfers.
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