🇨🇳🇿🇦 ICBC compliance failure raises scrutiny over China-Africa clearing role

Industrial and Commercial Bank of China, China’s largest bank, recently failed compliance tests, raising questions for its African partners just months after Beijing approved ICBC and South Africa’s Standard Bank in June as joint renminbi-clearing banks for Africa. The arrangement is expected to facilitate RMB transactions across the 19 African countries where Standard Bank operates.

The development comes as the two banks were given a central role in expanding China-Africa trade settlement in yuan. The report highlights that any compliance weaknesses at ICBC could draw closer attention to governance and risk controls in its cross-border operations.

#China

🔸 Source

@africaintel