China 's biggest banks are enhancing their anti money - laundering ( AML ) and know - your - customer ( KYC ) controls following regulatory probes throughout the US and Europe and their overseas expansion . Last year the U.S. Federal Reserve instructed both Bank of China Ltd (BoC) and China Construction Bank Corp (CCB) ( Annual budgets are set to be raised by 20 % or more across China 's big state - owned commercial banks and financial service companies . BoC , CBB and ICBC are leading the effort through thorough implementation of transaction controls , regulatory oversight and improved reporting practices compliant with overseas regulations .
China 's biggest banks are enhancing their anti money - laundering ( AML ) and know - your - customer ( KYC ) controls following regulatory probes throughout the US and Europe and their overseas expansion . Annual budgets are set to be raised by 20 % or more across China 's big state - owned commercial banks and financial service companies . BoC , CBB and ICBC are leading the effort through thorough implementation of transaction controls , regulatory oversight and improved reporting practices compliant with overseas regulations .