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Story summary
- Zhejiang Chouzhou Commercial Bank filled a Bank of America account ending 0252 with pooled customer funds.
- Russian front companies contributed to the pool to evade Western sanctions.
- Chouzhou Bank’s correspondent services let smaller banks use Wall Street accounts, creating a nesting-doll structure that masks origins.
- Since Russia’s 2022 Ukraine invasion, exploiting such weak correspondent links has helped sidestep U.S. restrictions.
