The People’s Bank of China has issued amended measures on the reporting of large-sum and suspicious transactions. The amended measures will take effect on 1 July 2017.

The amended measures substantially revise the existing regime and impose greater obligations on financial institutions in the reporting of large-sum and suspicious transactions.

Under the amended measures, financial institutions will not only need to comply with explicitly set out requirements, but shall also formulate their own transaction monitoring standards for suspicious transactions, and ensure the effectiveness of such standards in preventing money laundering.

The changes include:

  • A wider scope of application
  • More stringent obligations on the reporting of large-sum transactions
  • More challenging requirements on the reporting of suspicious transactions
  • Terrorism reporting obligations

For further information, read our full briefing.

Leave a Reply

Your email address will not be published. Required fields are marked *