The Daily Delta - Canadian AML & Financial Crime News
September 15, 2026
Featured
International Consortium of Investigative Journalists
ICIJ reports that ICBC’s London branch transferred US$1.3 billion for Huawei in February 2019, just days after U.S. prosecutors indicted the company on fraud, sanctions and other charges. Confidential bank records show ICBC London had agreed to suspend business with Huawei pending further review, but the transfer was approved by the bank’s Beijing headquarters and executed over a weekend before the London compliance team was informed. An internal investigation later found that staff had bypassed ordinary controls and acted under pressure from Huawei and head office, with ICBC’s money laundering reporting officer raising concerns that the funds may have been moved to avoid potential asset freezes, although the transaction itself was not illegal. The broader ICIJ investigation says ICBC London repeatedly relaxed or bypassed internal AML controls for politically connected Chinese clients despite objections from compliance staff.
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