Bank of China issued an announcement regarding investigations in Italy for Money Laundering 

The Bank of China has issued an announcement informing that:

The Bank has noticed recent media reports in relation to the Bank’s Milan Branch having received a notification from the Italian judicial authorities in 2012, requesting its cooperation in compliance investigations on its PRC-funds transfer and remittance business.

The Bank has always persisted in operating in compliance with laws and regulations, requiring all overseas and domestic institutions to strictly comply with regulatory requirements in the PRC and in countries or regions in which they operate. In respect of anti-money laundering, the Bank constantly improves its anti-money laundering management and control system, actively fulfils its anti-money laundering duties and obligations, including carrying out due diligence investigations required by
laws, monitoring and reporting suspicious transactions, and continuously enhances its ability in antimoney laundering risk management.

As of now, the Bank has not received any formal prosecution documents from the Italian judicial authorities in relation to the above compliance investigations. The Bank will closely follow the development of the relevant legal proceedings and provide timely disclosure in accordance with the relevant laws and regulations.

The Bank hereby reminds the investors that they shall only rely on the information published by the Bank in the form of announcements, and shall make investments rationally and beware of risks.

Source: Bank of China – Clarification Announcement

 

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