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Report: Bank of East Asia under investigation for anti-money laundering procedures

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Report: Bank of East Asia under investigation for anti-money laundering procedures

Bank of EastAsia Ltd. is under investigation by Chinese authorities over itsanti-money laundering procedures, the SouthChina Morning Post reported July 11, citing "sources with knowledge ofthe case."

The bank is being investigated by the China Anti-MoneyLaundering Monitoring & Analysis Center after Chinese media leaked banktransactions that allegedly revealed how the bank was used as a channel todisburse money to senior executives at Evergrowing Bank Co. Ltd.

Chinese media reported that a group of senior executives atgovernment-controlled Evergrowing Bank had received 70 million yuan of fundsthrough Bank of East Asia corporate credit cards. The executives were said tohave received money that exceeded the maximum cap on state employees' salaries.

A Bank of East Asia representative said the lender followedknow-your-customer procedures with regard to Evergrowing Bank accounts. TheHong Kong-based bank is also aware of the case and has been looking into it,the representative added.

Evergrowing Bank denied its three top executives hadaccounts at Bank of East Asia.

As of July 11, US$1was equivalent to 6.69 Chinese yuan.