ASIA REGULATORY ROUND UP – CHINA TIGHTENS MONEY LAUNDERING REPORTING REQUIREMENTS
January 1st, 2017
CHINA’S central bank, the People’s Bank of China (PBC), has issued a new anti-money laundering and terror finance reporting requirements for all financial institutions inside the country. The rules come into force July 1. They cover banks, brokers, foreign exchange, online and mobile payment systems and insurance companies, who will have to file reports to the central bank, via their headquarters or via representative institutions, if a client requires daily cash transactions exceeding Chinese Yuan Renminbi CNY50,000 (USD7,261) or a larger amount of ...
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