As Reuters reports, payments in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched in 2016.
The bank is developing a system using an existing platform to streamline trade finance for ecommerce players. The system will adhere to US anti-money laundering rules through artificial intelligence and cyber security technologies.
As the publication continues, Bank of China has run into problems with overseas anti-money laundering regulations in the past. In February 2017, it agreed to pay a EUR 600,000 fine to settle a case involving its Milan branch. Prosecutors had alleged more than EUR 4.5 billion were smuggled to China from Italy between 2006 and 2010.
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