China on Wednesday printed revised guidelines designed to strengthen monetary companies’ skill to fight cash laundering.
The revised guidelines, which regulates how monetary establishments conduct due diligence on shoppers, and retailer their id and buying and selling knowledge, will even deliver China extra consistent with international anti-money laundering (AML) requirements, China’s central financial institution mentioned in an announcement.
The brand new guidelines apply to non-bank fee firms and wealth administration companies along with monetary establishments coated by earlier guidelines, similar to banks, insurers and brokerages.
The principles, which take impact on March 1, had been collectively printed by the Individuals’s Financial institution of China, the China Banking and Insurance coverage Regulatory Fee, and the China Securities Regulatory Fee.
The revisions had been made after soliciting public opinions, the regulators mentioned.
(Reporting by Shanghai Newsroom; enhancing by Andrew Heavens and Louise Heavens)
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