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| New Guidelines for Banks to Report Suspicious Transactions |
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New rules that came into effect yesterday will govern the precise reporting regulations that banks must adhere to if they come across any suspicious transactions. Any deal that triggers a terrorism alarm bell has 10 days to be reported to the China Anti-Money Laundering Monitoring and Analysis Center, the central bank's taskforce to halt money laundering. Reports related to terrorist organizations and activists listed by Chinese organizations or the United Nations Security Council must be made regardless of the value of the operation, the People's Bank of China stated on its website. Any financial institutions failing to abide by these rules face stiff penalties, suspension of business or even having their practicing license revoked. Any board members, high-ranking managers or other staff found to be willfully negligent or involved in such crimes may also be banned from working in the financial industry. The rules serve as an addition to the country's anti-money-laundering law, which came into vigor this year after being finalized last year. That law was a major boon for China in joining the Financial Action Task Force (FATF) - the 33-member inter-governmental body that acts as a global watchdog against money laundering. China is awaiting the findings from the FATF's initial assessment of the country following its entry. (China Daily June 12, 2007) |
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