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Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny. A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing. The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.
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Orange Chicken

 

 Ingredients:

Chicken:

  - 2 pounds boneless, skinless chicken thighs, cut into bite-sized pieces

  - 1/2 cup cornstarch

  - Salt and pepper to taste

  - Vegetable oil for frying


Orange Sauce:

  - 1/2 cup orange juice

  - Zest of 1 orange

  - 1/4 cup soy sauce

  - 1/4 cup rice vinegar

  - 1/4 cup sugar

  - 2 tablespoons honey

  - 2 tablespoons hoisin sauce

  - 1 tablespoon cornstarch mixed with 2 tablespoons water (slurry)

  - 2 cloves garlic, minced

  - 1 teaspoon ginger, minced

  - 1 teaspoon red pepper flakes (optional for a bit of heat)


Instructions:

1.  Prepare the Chicken:

   - Season the chicken pieces with salt and pepper.

   - Dredge each piece in cornstarch, ensuring they are fully coated. Shake off any excess.


2.  Fry the Chicken:

   - Heat vegetable oil in a large skillet or wok over medium-high heat. 

   - Fry the chicken pieces in batches until golden and crispy (about 3-4 minutes per side).

   - Remove the fried chicken from the oil and place on a paper towel-lined plate to drain excess oil.


3.   Make the Orange Sauce:

   - In a separate saucepan, combine the orange juice, orange zest, soy sauce, rice vinegar, sugar, honey, hoisin sauce, garlic, and ginger.

   - Bring to a boil over medium heat, then reduce the heat and let it simmer for about 5 minutes.

   - Stir in the cornstarch slurry and continue to cook until the sauce has thickened.


4.   Combine and Serve:

   - Toss the fried chicken pieces in the orange sauce until they are well coated.

   - Serve hot, garnished with orange slices, green onions, and sesame seeds if desired.






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