Recently, the United States authorities slammed Taiwan-based Mega International Commercial Bank with a $180 million fine for anti-money laundering violations and shocked the financial industry in Taiwan.

This has once again shown that the global effort in cracking down money laundering is unprecedented and the research team at ANBOUND Consulting is of the view that the Chinese banks that have ventured abroad should learn from this incident.

Chinese banks should step up efforts to strengthen their anti-money laundering practices and improve on their anti-money laundering framework, prepare the talent pool and strengthen the risk management system.