Nearly all Chinese banks are refusing to process payments from Russia, report says
Nearly all Chinese banks are refusing to process payments from Russia, and the implications of this decision are far-reaching. As someone who has been involved in AML and sanctions enforcement, I understand the gravity of such actions. The intricate process of reviewing wire transfers to ensure compliance with regulations is not to be taken lightly. The rigorous checks put in place by banks, especially those in the US, serve as a crucial line of defense against money laundering and financing of illicit activities.
The fact that Chinese banks are taking such a decisive stance against processing payments from Russia speaks volumes about the economic repercussions Russia is facing due to its actions.… Continue reading
John Q. Hosedrinker