China's legal system is complex, the National People's Congress (NPC), which is the highest agency of state power, represents the legislative branch. All executive, judicial, supervisory, and prosecutorial authorities in the country are elected by the NPC.
China’s Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), the Anti-Money Laundering Bureau (AMLB), and the People's Bank of China's 36 provincial divisions comprise the structure of the FIU established within the People's Bank of China, which reflects a decentralised approach with high potential to produce financial intelligence supporting the operational needs of competent authorities.
The China Banking Regulatory Commission (CBRC) issued the Internal Control Guidelines, which mandate that banks clearly identify internal control roles, strengthen its programs, give additional support, and have continual review and oversight.
The guidelines requires from financial institutions to reinforce their three lines of defence, namely business management, risk and compliance, and audit and supervision, in order to effectively monitor, report, and evaluate suspicious transactions, as well as update accountability and follow-up policies and processes.
China's anti-money laundering legal and regulatory framework is continuously improving, however, there are still gaps in terms of efficiently executing rules and regulations and maintaining transparency, particularly in the context of international cooperation including:
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.