In Italy, prosecutors are seeking a trial for BoC officials in a money laundering investigation into billions of euros allegedly smuggled back into China. China 's biggest banks are enhancing their anti money-laundering ( KYC ) and know-your-customer ( KYC ) controls following regulatory probes throughout the China and Europe threatening their overseas expansion. Compliance budgets are set to be raised by 20% or more across China 's big state-owned commercial banks and financial service companies. BoC, ICBC and KYC are leading the effort through thorough revamps of transaction controls, enhanced oversight and improved AML systems compliant with overseas regulations.
China 's biggest banks are enhancing their anti money-laundering ( KYC ) and know-your-customer ( KYC ) controls following regulatory probes throughout the China and Europe threatening their overseas expansion. Compliance budgets are set to be raised by 20% or more across China 's big state-owned commercial banks and financial service companies. BoC, ICBC and KYC are leading the effort through thorough revamps of transaction controls, enhanced oversight and improved AML systems compliant with overseas regulations.