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PBOC Steps Up Money Laundering Battle With New Know-Your-Customer Rules

2021年04月01日 20:35 来源于 财新网
Proposed regulations will compel banks and nonbank financial institutions to tighten checks on who their clients really are and what they’re doing
China is ramping up its long-running battle against money laundering and terrorism financing with updated regulations for financial institutions to strengthen their know-your-customer requirements. Photo: VCG

China is tightening oversight of financial institutions with new regulations on know your customer (KYC) requirements as part of a broader campaign to stamp out money laundering and terrorist financing.

Institutions will need to step up their due diligence, identifying the ultimate beneficiary of the accounts they open and maintain for all customers — individuals, companies and other entities — and monitoring all transactions, according to draft revisions (link in Chinese) of 2007 rules jointly released on Wednesday by the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.

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