An urgent notice was just released by Bank of China, four overseas banks were set into the blacklist of Bank of China.
As long as any transaction goes to the bank account of the Bank of China by these four overseas banks, a strict investigation is necessary. It means the source and the purpose of the money will be under examination of the Chinese government.
These Four Banks Include：
Arab Banking Corporation
National Commercial Bank
Mashreq Bank
National Bank of Abu Dhab
What Will The Investigation Lead To?
It affects freight forwarder and trading companies in China the most. The remittance may get suspended for quite a long time in the investigation, no guarantee for it will go through successfully at the end. So, a kind reminder here, don't transfer money to Bank of China from these four banks above.
China has been tightening regulations on overseas transaction recently, both China and Hong Kong has launched CRS this year. It makes transactions much more transparent to Chinese government even the transfer is managed by a Hong Kong company. HSBC tops the first place in being investigated.
This storm was started expanding to the Middle East from last month. A businessman from Dubai said one of his clients transferred him money on June 20th, but the transaction is still in the investigation until now, even he has submitted all the needed documents required from Bank of China, but still no clue shows what's going on.
Except for Bank of China, China Merchants Bank also starts to require more documents on dealing with transactions among the Middle East countries.
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