China issues rules for online financial bodies to battle money laundering

FAN Editor
A woman walks past the headquarters of the PBOC, the central bank, in Beijing
A woman walks past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee

October 10, 2018

BEIJING (Reuters) – China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks.

The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report large and suspicious transactions in a timely fashion, the central bank said.

The rules will take effect on Jan. 1, it said.

Earlier on Wednesday, the People’s Bank of China said it would improve its supervision mechanism for fighting money laundering and for countering terrorism financing.

(Reporting by Beijing monitoring desk and Shu Zhang; Editing by Richard Borsuk)

Free America Network Articles

Leave a Reply

Next Post

World champs Japan hope to bring wheelchair rugby to the masses

FILE PHOTO: 2016 Rio Paralympics – Wheelchair Rugby – Final – Mixed Team Bronze Medal Final – Japan v Canada – Carioca Arena 1 – Rio de Janeiro, Brazil – 18/09/2016. Players of Japan celebrate winning bronze medals. REUTERS/Carlos Garcia Rawlins/File Photo October 10, 2018 By Jack Tarrant TOKYO (Reuters) […]