The Rules for Anti-money Laundering by Financial Institutions


China has formulated the Rules for Anti-money Laundering by Financial Instituions in line with the Law of the People's Republic of China according to the People's Bank of China and effective from January 1, 2007. The central bank of China, which is under State Council, is set as an authority of supervision and regulation of financial instituions. Anti-money laundering rules covering financial institutions legally established in China include commercial banks, cooperatives, securities companies, brokerages, insuance, trust and investments, currency exchanges, and other stated.

Along with the central bank of China, the relevant agencies such as The China Banking Regulatory Commission, China Securities Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission will play a key role to oversee the suspicious transaction in financial industry. Any financial institutions involved in business including currency exchange, payment and settlement, and fundsales will be regulated by authorized organizations. Responsibilities are outlined for confidentiality, a customer identification system and a need to keep statistics and reports.

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