People’s Bank of China - Decree No. 1 of 2006 - Rules for Anti-Money Laundering by Financial Institutions

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The People's Bank of China's (PBC) Rules for Anti-Money Laundering by Financial Institutions abolishes the Rules for Anti-Money Laundering by Financial Institutions promulgated by the PBC on January 3, 2003, and establishes new rules for financial institutions operating in the company to abide by to combat and prevent the crime of money laundering. The decree aims to standardize anti-money laundering regulatory activities and anti-money laundering activities of financial institutions so as to safeguard the order of the financial industry. The decree outlines the responsibilities of the PBC and the China Anti-Money Laundering Monitoring and Analysis Center. In addition, the document sets forth provisions for financial institutions on customer identification, reporting, cooperation with judicial and administrative law enforcement agencies, and conducting bank examinations.

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Year of Document: 
2007
Date of Document: 
Monday, January 1, 2007
Document Authors: 
People's Bank of China
Language (This Document): 
English

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