AMLAWARE | China Tightens Anti-Money Laundering Regulations for Banks
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China Tightens Anti-Money Laundering Regulations for Banks

12 Feb China Tightens Anti-Money Laundering Regulations for Banks

China’s central bank said it tightened requirements for lenders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering.

The People’s Bank of China will require financial institutions to report any cross-border transfers of 200,000 yuan ($28,800) or more starting July 1, it said in a statement Friday.

The PBOC said its Anti-Money Laundering Monitoring and Analysis Center also must be notified of any domestic cash deposits, withdrawals or transfers of 50,000 yuan or more or when banks have reason to believe that smaller transactions may be suspicious. That requirement has been brought down from the existing 200,000 yuan limit and may be adjusted if needed.

The new rules are intended to prevent money laundering and terrorism financing, the PBOC said in a second statement on its website. Regulators say they want more timely cross-border transaction data on individuals to track risks arising from increasing cross-border transfers, the statement said.

— With assistance by Yinan Zhao

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