Bank of China’s New York branch will enable Chinese companies to receive payments in yuan for their sales on the US ecommerce platforms.
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.