China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations.

The fine reflects the Chinese authorities’ increased focus on AML/CFT compliance since the country’s financial regulators responded to recommendations made in the fourth round 2018-19 mutual evaluation of China conducted by the Financial Action Task Force (FATF).

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