Chinese banks still struggling with compliance

Bloomberg says the Agricultural Bank of China's recent $215m fine is proof.

The Agricultural Bank of China Ltd (AgBank) is the third big Chinese bank disciplined by U.S. regulators in 16 months. Reuters says this shows Chinese lenders are still falling short in their compliance duties.

As Chinese companies have expanded overseas, the country's lenders, led by its big state-owned banks, have followed their customers, pushing their offshore loans to nearly $1 trillion at the end of 2015, up from more than $600 billion in 2010, according to the International Monetary Fund.

That has exposed them to increasing scrutiny by overseas regulators trying to root out weaknesses that allow organised criminals and terrorist organisations to launder money.

Read the full report here.