11 Nov 2016
A sexual harassment lawsuit directed at its general manager; a whistle-blower discrimination claim by an ousted compliance officer; a US$215 million fine for failure to check money laundering involving Russia, Yemen and Afghanistan.
Operations at the Agricultural Bank of China‘s New York branch had been repeatedly cited for problems, but nothing had been done to address them.
Not until a tall, beautiful and blonde former chief compliance officer of the branch laid out all the details in open court in a US$8 million law suit.
Now, the New York State Department of Financial Services (DFS) is demanding, on top of the fine, a plan from the bank’s board to “enhance oversight” of the branch.
That includes a senior official with appropriate expertise and active involvement to oversee the branch, and a direct reporting line between the board and the compliance officer.
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