Elaine Kurtenbach: Risk Controls Urged for Bank of China

From AP, via the Washington Post:

China’s regulators on Monday ordered the Bank of China to improve its risk controls and thoroughly investigate a case of suspected fraud that state media reports said may involve funds worth more than 1 billion yuan ($120 million).

The China Banking Regulatory Commission said it was cooperating with police in investigating the suspected embezzlement at a sub-branch of the bank in Harbin, capital of northeastern China’s Heilongjiang province.

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