Draft to tighten anti-money laundering supervision
China DailyA draft amendment to the Anti-Money Laundering Law proposes establishing a monitoring body and improving the financial regulatory system. Pan Gongsheng, governor of the People's Bank of China, said that several issues have emerged in anti-money laundering efforts in recent years, with institutions showing insufficient capacity to fulfill anti-money laundering obligations, a lack of smooth coordination mechanisms for supervision, and a low degree of information sharing. It assigns the central bank the responsibility for national anti-money laundering supervision and management, in coordination with State Council departments, national supervisory authorities and judicial bodies. Additionally, the draft calls for enhanced risk control and supervisory management, specifying anti-money laundering fund monitoring, and risk assessment systems for national and industry-specific money laundering. The draft says the main responsibilities of financial institutions include establishing and implementing internal anti-money laundering control systems, conducting due diligence on customers to understand their identity, transaction background and risk status, maintaining customer identity information and transaction records, and implementing reporting systems for large or suspicious transactions.
History of this topic
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