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NEWS: State-owned Bank of China penalized in Sri Lanka for AML violations

The Bank of China in Beijing, China, October 19, 2020. REUTERS/Tingshu Wang/File Photo

BY PAUL O’DONOGHUE, Senior Correspondent

THE state-owned Bank of China has been fined for violating AML rules in Sri Lanka.

Sri Lanka’s Financial Intelligence Unit (FIU) fined Bank of China and MCB Bank Pakistan LKR 1 million ($3,440) each for breaching AML regulations under the Financial Transactions Reporting Act (FTRA).

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