The Chinese financial institution campaign against money laundering

Abstract

Deals with the background and main content of the three rules adopted in January 2003 by the People’s Bank of China (PBC): Rules for Anti‐Money Laundering by Financial Institutions, Administrative Rules for the Reporting of Large‐Value and Suspicious RMB (Renminbi) Payment Transactions, and Administrative Rules for the Reporting by Financial Institutions of Large‐Value and Suspicious Foreign Exchange Transactions. Defines money laundering and outlines the principles of anti‐money laundering, the PBC as supervisory authority, customer identification obligations, the large‐value and suspicious reporting systems, account information and transaction record keeping, and legal responsibilities for offences against rules.

Citation

Li‐fang, Z. and Ping, H. (2003), "The Chinese financial institution campaign against money laundering", Journal of Money Laundering Control, Vol. 7 No. 2, pp. 145-152. https://doi.org/10.1108/13685200410809850